MNB: Weaker forint raises retail lending stock in December

Telco

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The weaker forint raised Hungarian banks' retail lending stock in December, even has households made net repayments on their loans, a monthly report published by the National Bank of Hungary on Friday shows.

Retail lending stock climbed by HUF 38.4 bln to HUF 6,726.7 bln in December from the previous months. Households made net repayments of HUF 34.4 bln, but revaluations and other changes added HUF 72.8 bln to the stock.

The forint weakened about 2.4% to the euro between the end of November and the end of December.

A little more than half of retail lending stock is denominated in foreign currency, mainly Swiss francs, but many of these loans are in the process of being phased out through a conversion into forints.

Retail deposits increased about HUF 177.4 bln to HUF 6,895.2 bln in December.

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