Corporate lending of Hungarian banks up in August, says MNB

Telco

The corporate lending stock of Hungarian banks was up in August from the previous month as companies were net borrowers, while revaluations decreased lending stocks, according to fresh data from the National Bank of Hungary (MNB), cited by Hungarian news agency MTI.

The corporate lending stock of banks increased by HUF 51.3 bln to HUF 5,951.2 bln according to non-adjusted data. Net borrowing came to HUF 80.2 bln, while revaluations and other changes lowered the lending stock by HUF 31.5 bln. 

The stock of forint loans grew by HUF 53.7 bln and that of foreign currency loans by HUF 26.5 bln because of transactions. Revaluations decreased the forint loan stock by HUF 5 bln and the FX loan stock by HUF 26.4 bln. 

Holdings by credit institutions of bonds issued by non-financial corporations increased by HUF 3.1 bln due to transactions, while revaluations decreased the lending stock by HUF 0.5 bln, bringing the stock of bonds to HUF 81.2 bln. 

Corporate deposits meanwhile rose HUF 156 bln to HUF 5,965.4 bln in August. Deposits were up due to transactions by HUF 170.5 bln, while revaluations only decreased the stock by HUF 14.5 bln. 

According to the MNB, there were net outflows of HUF 6.7 bln into forint deposits and net inflows of HUF 177.2 bln into foreign currency deposits. 

The euro weakened around 0.6% against the forint between the end of July 2016 and the end of August 2016, calculating on the central bankʼs daily rate fixing.

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