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MNB: Corporate lending stock of Hungarian banks down in January

Telco

Businesses were net lenders from Hungarian banks to the tune of HUF 3.7 billion in January, fresh transaction-based figures published by the National Bank of Hungary (MNB) show, state news agency MTI reported today.

Cleared from seasonal effects, however, net corporate borrowing exceeded net lending according to seasonally adjusted figures for the first time since October and companies made the first net withdrawals from deposits since June 2015.

Revaluations and other changes decreased the lending stock by HUF 25 bln and this fell as a result to HUF 5.909 trillion according to non-adjusted data.

Companies borrowed net HUF 42 bln in forint loans in January, and repaid HUF 45.7 bln in foreign currency loans.

Including exchange rate changes and other revaluation and volume effects, the stock of forint loans rose HUF 39.8 bln in a month to HUF 3.251 tln and that of foreign currency loans fell by HUF 68.5 bln to HUF 2.658 bln by the end of January.

Corporate holdings of bonds issued by financial institutions increased by HUF 500 mln due to transactions and by HUF 500 mln due to revaluations in January, bringing the stock of bonds to HUF 32.1 bln.

Corporate deposits meanwhile fell HUF 258.9 bln in January to HUF 5.723 tln, mostly due to transactions. The seasonally adjusted fall was less: HUF 40.9 bln.

Companies withdrew net HUF 252 bln from forint deposits which fell to HUF 4.061 tln. They withdrew HUF 3.2 bln from foreign currency deposits which, with a similar size decrease due to the strengthening of the forint, fell to HUF 1.662 tln.

The forint strengthened about 0.2% to the euro between the end of January and the end of December, based on MNBʼs official fixing.

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