Outlays, impact of weak forint lift corporate lending stock in January

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Corporate lending stock of Hungarian banks rose in January from the previous month, lifted by net outlays and the impact of the weaker forint on FX loans, Hungarian news agency MTI reports, citing fresh data from the National Bank of Hungary (MNB).

Image: Shutterstock.com

Corporate lending stock rose HUF 151.6 billion to nearly HUF 8.605 trillion in January, supported by HUF 80.4 bln of outlays and HUF 71.2 bln in revaluations, nearly all related to the expansive effect the weaker forint had on FX loans on banksŹ¼ balance sheets.

Companies borrowed net HUF 55.8 bln in forints and the equivalent of HUF 17.5 bln in FX loans in January.

BanksŹ¼ stock of corporate bonds stood at HUF 164.8 bln at the end of January, up HUF 11.4 bln in a month.

Corporate deposits fell HUF 69.5 bln to more than HUF 9.327 tln in January. Companies withdrew net HUF 116.9 bln, but revaluations, mostly on FX deposits, raised the stock by HUF 47.4 bln.

The forint weakened 1.85% to the euro between the end of December and the end of January, calculating with the central bankŹ¼s daily fixing.

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