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New corporate outlays rise in December

Hungarian banks’ new corporate outlays increased in December, fresh monthly data published by the National Bank of Hungary on Tuesday show.

Banks signed new forint loan contracts with companies for HUF 193.5bn in December, up from HUF 168.3bn in November and well over the HUF 152.7bn monthly average for new corporate outlays in the twelve months to the end of December.

Banks signed for corporate loans denominated in euro worth the equivalent of HUF 91.4bn in December, up from HUF 84.4bn in November and over the HUF 84.6bn monthly average in the twelve months to the end of the period.

The average rate on the forint loans, weighted for size, was 8.78%, up about 25bp from November. The rate rose at a slower pace than the central bank base rate.

The MNB raised the base rate by 50bp from November 30 and by another 50bp from December 21 to 7.00%.

The average rate for the euro-based loans was 3.99%, up almost 20bp from the previous month.