Garantiqa Marks 30th Anniversary

Banking

Garantiqa Hitelgarancia, a guarantor controlled by the state of Hungary, has officially marked its 30th anniversary, according to portfolio.hu.

CEO Éva Buza said Garantiqa's market share is now close to 40%, adding that a Garantiqa guarantee now backs the credit of one in three SMEs.

At the end of June, Garantiqa covered over HUF 3 trillion of corporate credit.

Speaking at the event, Minister of Economic Development Márton Nagy said government measures, including support for SMEs in energy-intensive sectors, the continuation of the Széchenyi Card credit scheme for businesses, a factory rescue program, interest rate freezes for some retail borrowers and SMEs, a repayment moratorium for farm businesses, regulated utility prices for households, price caps on staples, an action plan for the tourism sector and the establishment of the National Capital Holding Company to streamline support for businesses, would ensure Hungary stays out of recession next year and the lending market remains lubricated.

He put next year's GDP growth at 1-1.5%. He said average annual inflation could reach 15% next year, but added that CPI could slow to 7-8% by year-end.

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