Companies borrowed more than they repaid for the fourth month in a row, although seasonally adjusted figures show moderate net repayments after three months of borrowing. In a further change, companies repaid more in FX loans in November after borrowing more in the previous three months. They continued to borrow more in forints.
Companies took out just net HUF 7.2 bln of credit during the month, borrowing HUF 81.3 bln in forints and repaying HUF 74.1 bln in FX loans. Revaluations and other changes subtracted HUF 26.8 bln from the overall stock. About a quarter of their forint borrowing and about 40% of their FX repayments reflected seasonal factors. Their stock of forint loans, at HUF 3.4541 trillion at the end of November, exceeded their FX loan stock by HUF 212.4 bln. The forint weakened 0.4% to the Swiss franc and 0.1% against the euro between the end of October and the end of November.
Corporate deposits stood at 5.0763 trillion at the end of November, with forint deposits making up about three quarters of the total. Businesses placed HUF 72.8 bln into forint deposits and withdrew HUF 5.5 bln from FX deposits. Revaluations added HUF 1.6 bln to the stock.
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