MNB about to reveal “Funding for Growth Scheme” details

MNB

National Bank of Hungary governor György Matolcsy will reveal details of the central bank's “Funding for Growth Scheme” at a press conference on Tuesday, an invitation to the event sent to MTI shows. Under the recently announced scheme, the central bank will make a combined HUF 500 billion of 0% financing available to banks for SME lending and the conversion of foreign currency-denominated corporate loans into forint ones. Lenders' interest margin will be capped at 2% on loans financed with the MNB credit. The central bank will also cut international reserves by €3 billion under the scheme by reducing short-term external debt, thus lowering the stock of two-week bills from HUF 4,500 billion to HUF 3,600 billion. The MNB management has met with the heads of big and medium-sized banks as well as the heads of savings cooperatives to discuss details of the plan, to launch in May but for a limited time only.

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