In a speech at a regional chamber of commerce year-end meeting, National Bank of Hungary Governor Mihály Varga argued that weakening global growth drivers make it critical to expand corporate lending and improve its quality, and pointed to the central bank’s Certified Corporate Loan scheme as the main tool to support this objective. The scheme certifies commercial-bank loan products intended to provide domestic small and medium-sized enterprises with simpler, faster and more affordable funding. The Governor framed the initiative against a backdrop of very weak European growth and prolonged stagnation in Germany, while noting that Hungary’s 4.5% unemployment rate is below the European Union average and that rising real wages support consumption. He cited weak demand, high energy prices and inflation-related cost pressures as key constraints reported by Hungarian companies, and stated that the Hungarian banking system’s capital and liquidity position is robust and could meet significantly stronger credit demand. On inflation, he reiterated the National Bank of Hungary’s price-stability mandate and indicated that inflation could average 3.4% to 3.6% in 2026, attributing the improvement to measures taken by the central bank and the Hungarian government.
National Bank of Hungary 2025-11-26
National Bank of Hungary highlights its Certified Corporate Loan scheme to expand SME lending amid weak European growth
National Bank of Hungary Governor Mihály Varga emphasized expanding corporate lending amid weakening global growth, highlighting the Certified Corporate Loan scheme for supporting SMEs. He noted Hungary's robust banking system and projected 2026 inflation at 3.4% to 3.6%, citing central bank and government measures. Varga also pointed to weak European growth, high energy prices, and inflation-related pressures as challenges for Hungarian companies.