MNB: Repayments, stronger forint cut retail lending stock
Hungarian households repaid net HUF 29.7 bln of their outstanding loans in October, and the weaker forint reduced retail lending stock by a further HUF 43.6 bln from the end of the previous month, a monthly report published by the National Bank of Hungary on Tuesday shows.
Retail lending stock dropped to HUF 6,712.5 bln as a result.
The forint strengthened about 0.9% to the Swiss franc and 1% against the euro between the end of September and the end of October.
Households repaid net HUF 31.3 bln of their FX loans and the exchange rate changes cut their FX loan stock by a further HUF 39.7 bln in the month to HUF 3,523.4 bln at the end of October.
Parliament has recently passed legislation under which the bulk of the retail FX loan stock will be converted into forints early next year.
Households borrowed net HUF 1.6 bln in forints last month.
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