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Businesses tap HUF 526 bln in phase III FGS credit in January

MNB

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A little more than 12,000 Hungarian micro businesses and SMEs tapped about HUF 526 billion in cheap credit available in the third and final phase of the Funding for Growth Scheme (FGS) of the National Bank of Hungary (MNB) in January, Hungarian news agency MTI reported, citing a monthly release by the central bank.

On the first working Tuesday of each month (i.e. February 7 this month), the MNB publishes the amounts contracted for under the scheme in the previous month up until the last working day of the preceding week, i.e. up until Friday, February 3 on this occasion.

Net outlays in the period January 1 to February 3 inclusive - excluding repayments and funding not yet disbursed - came to HUF 394 billion.

A little more than three-quarters of the contracted credit was for investments and the rest was for leasing transactions. Some HUF 359 bln of the credit was in forints, and HUF 167 bln was in foreign currency.

Since the FGSʼs launch in the summer of 2013, some 38,100 businesses have made use of HUF 2.652 trillion of financing under the scheme.

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