ECB to loan Hungary up to €5 billion

The European Central Bank (ECB) on Thursday granted the National Bank of Hungary a €5 billion ($6.8 billion) credit line following sharp declines in the forint and local stocks the day before.

The support will allow Hungary to inject much-needed euros into the economy through a new standing facility that will allow counterparties to swap forints for euros.

The loan is the first to a country outside the eurozone that the ECB has made public.

Hungarian shares and the forint slid on Wednesday after

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