Gov't Issues Decree on SME Rate Freeze

Government

The government has issued a decree rolling back rates for non-subsidized, forint-based SME credit to levels on June 28 in the latest issue of the official gazette Magyar Közlöny, according to a report by state news wire MTI.

The measure is effective from November 15 until June 30 of next year.

The move was announced at a government press briefing at the weekend.

Economic Development Minister Marton Nagy said the measure would impact close to 60,000 SMEs with almost HUF 2 trillion of credit. He added that banks would cover the cost of the rate freeze, which he put at around HUF 80 bln for a half-year period.

Nagy noted that the three-month Bubor stood at 7.77% on June 28.

The three-month Bubor was 16.76% on Wednesday.

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