The recent greater currency band movements of the Forint have given the central bank somewhat more room to navigate and enabled it to set real yields that conform more to the level of domestic requirements. The high convertibility of the Forint and the far-reaching integration of the domestic capital market eventually put a curb on too strict an interest rate policy, since banks and many companies can directly raise foreign currency credits instead of applying for Forint loans with a high real interest rate.
The policy of preannounced exchange rate adjustments requires that the central bank reach its long-term goal of reducing inflation by maintaining this exchange rate system and guarding its credibility; also that it should not endanger this for short-term anti-inflationary advantages by forcing excessive real currency appreciation. The Hungarian National Bank, just like in previous years, cannot determine an independent target inflation rate – it can make significant progress only together with the government and the other market participants. In 1999, from the perspective of monetary policy, the slower-than-before moderation of the inflation rate was motivated by external factors.
This year the lowering of interest rates was a perceptible trend. By September corporate interests fell to 16,2 percent, while public rates went down to 22,9 percent. The 5-6 percent difference between the price’ of loans granted to various sectors will stay the same throughout the end of the year. While at the beginning of the year corporate deposit rates were 4,3 percent lower than loan rates, by September the difference dropped to 3,1 percent. With public interest rates the gap has even increased – from 11,0 to 11,5 percent. –
RÉVÉSZ TAMÁS, a Budapest Autófinanszírozási Rt. vezérigazgatója, a Lízingszövetség elnöke: “Ha szerény mértékben is, de mérséklődnek a kamatok, egy év alatt 2-3 százalékot. Ennek két oka van. Egyrészt csökkennek a refinanszírozási kamatlábak, másrészt hihetetlenül nagy a konkurencia. A lízingpiac folyamatosan bővül. A tavalyihoz képest az idén 40-50 százalékkal nőtt a lízingelt eszközök értéke. Külföldön az autók 70-80 százalékát valamilyen finanszírozási konstrukcióban értékesítik, várhatóan Magyarországon is ez lesz a jellemző. A lízing igénybevétele az egyéb eszközök finanszírozásában is egyre nagyobb szerepet játszik.”
