Contracts for new loans reached 124 billion forints (EUR 412.3mn). Contracts for the conversion of foreign currency-denominated loans came to 60 billion forints.

The NBH is offering 750 billion forints of refinancing for the SME loans and foreign-currency-loan conversions from June until the end of September. Rates on the loans are capped at 2.5 percent, well under the 3.80 percent base rate.

The NBH said data for August showed the value of contracts signed under the scheme increased at a faster pace in the first part of August. Most of the refinancing allocated by the NBH is expected to be contracted by the end of September.

Among the refinancing for the FX loan conversions, 80 percent was denominated in euro and 20 percent in Swiss francs.