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Government Launch HUF700b Subsidised Credit Scheme

HUNGARY
  • Hungary's government will launch a HUF 700b subsidised credit scheme for businesses from February, the Economic Development Ministry said on Monday as cited by MTI. Credit in the Baross Gabor Reindustrialisation Programme will be available to businesses, regardless of size, for investment or working capital loans. Rates for the credit will be capped at 6% for forint loans and 3.5% for euro loans, but will be even lower for investments that boost energy efficiency.
  • Hungary’s outlook was revised to negative from stable by Fitch Ratings late last Friday after almost $30b in EU funding was blocked due to corruption and graft concerns last year. Fitch maintained the sovereign’s credit rating at BBB, the second-lowest investment grade. “Fitch sees a high probability of delays in the disbursement of EU funds,” the rating company said. S&P, which has Hungary on negative outlook since August, will publish its rating review this Friday.
  • Finance Minster Varga will attend a parliamentary hearing about the 2023 budget at 1000 GMT/1100 local time. The central bank’s rate decision takes focus this week, where rates are expected to be held at 13.0% as the NBH continues to lean more heavily on deposit tenders and non-rate based policies.
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