NGM State Secretary: the interest rate cap protected SMEs from the negative effects of the rising yield environment

By: Trademagazin Date: 2024. 05. 14. 11:50

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The interest rate cap protected SMEs from the negative effects of the rising yield environment; the introduction of the measure did not mean an additional burden for them thanks to the falling loan interest rates and the agreement reached with the banks – said the Secretary of State responsible for economic strategy, financial resources and macroeconomic analysis of the Ministry of National Economy on Tuesday at the Portfolio Credit 2024 conference.

Máté Lóga emphasized: last year, thanks to state-supported loan programs, including the Baross Gábor Újraiparizósikasi Hitelprogram (BGH), the Széchenyi Card Program or the Garantiqa Credit Guarantee, it was possible to prevent a complete decline in corporate lending and to fill the gap left by the central bank’s Growth Loan Program.

The state secretary called the negotiations between the government and the banking association successful, the aim of which is to start market-based lending, which is essential for economic growth. He called it important to maintain the voluntary credit ceiling for home loans in order to boost consumption and accelerate economic growth. The APR level has decreased by 1.2 percentage points to 7.3 percent since the introduction of the measure in October 2023, he said.