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Banking sector forex loans grow 9.2% in June

The stock of foreign currency-denominated loans of Hungary's banking sector rose 9.2% to Ft 7,327.5 billion in June, according to a report on the homepage of the State Financial Supervisory Authority (PSzÁF).

During the same month, the forint weakened sharply against the euro and the Swiss franc, the two currencies in which most forex lending in Hungary is denominated. The forint's average rate against the euro fell 3.4% to 271.90 compared to May, while the average rate against the Swiss franc was down 3.3% at 174.26, according to figures from the National Bank of Hungary (MNB).
The stock of forex corporate loans rose 6.7% to Ft 2,967 billion in June, and the stock of forex retail loans rose 13.5% to Ft 1,683 billion. The bank sector's total forex assets, including deposits, rose 9.9% to Ft 8,450 billion in June. During the same month, the sector's total forint-denominated assets rose just 1% to Ft 11,443.5 billion. The stock of forint-denominated loans actually fell slightly to Ft 5,680 billion, with the stock of corporate loans down a little less than 1% at Ft 2,634 billion and the stock of retail loans falling a fraction of a percent to Ft 2,211 bln.