Budapest, 26 November 2025– “A fundamental rearrangement can be observed in the global economy, as previous growth drivers are weakening, while at the same time, all of the major economic areas are struggling with their own challenges,” said MNB Governor Mihály Varga at the TOP 100 year-end partner meeting of the Chamber of Commerce and Industry of Hajdú-Bihar County. Governor Varga underlined that, in this situation, it was vitally important to expand and improve the quality of corporate lending, and that the MNB had created the Certified Corporate Loan scheme to this end.
Governor Varga noted that the European economy was experiencing the weakest growth recorded in the past six decades. The German economy, which played a key role in Hungary’s foreign market environment, had been stagnating for years. He explained that it was important to highlight, however, that at 4.5%, Hungary’s unemployment rate was lower than the EU average. The high employment rate as well as growth in real wages also supported consumption, reflecting the Hungarian economy’s stable fundamentals. As he had previously said, Hungarian corporations cited weak demand, high energy prices and high costs, which remain due to inflation, as the main constraints to their activities. Moreover, crucially, the capitalisation and liquidity position of the Hungarian banking system was robust and capable of satisfying even significantly stronger credit demand. Governor Varga also spoke about how the MNB’s primary goal was to achieve and maintain price stability; therefore, it was a positive development that, thanks to the measures taken by the MNB and the Hungarian government, inflation may be even lower next year, averaging between 3.4 and 3.6 percent on an annual basis. The Chamber of Industry and Commerce was a great support in this regard, as it was effectively conveying the MNB’s messages to companies in all parts of the country. As the Governor had previously noted, the MNB’s launch of the Certified Corporate Loan scheme in autumn to stimulate corporate lending was also connected to this. The loan products of commercial banks that meet this certification provide simple, fast and affordable funding to domestic SMEs.