Hungary to replace fixed 3% rate on Széchenyi loan program with variable BUBOR‑linked rate

The Ministry of Economy and Energy announced that the interest terms of the Széchenyi Kártya Program’s liquidity‑loan products will change from a fixed 3 % annual rate to a variable rate tied to the three‑month BUBOR. The new reference rate is currently 5.89 %. The amendment applies to the Széchenyi Folyószámlahitel MAX+, Széchenyi Turisztikai Kártya MAX+ and Széchenyi Likviditási Hitel MAX+ contracts concluded on or after 15 July 2026. Loans approved up to 18 June 2026 retain the old fixed rate, while applications submitted after 19 June 2026 will be subject to the new BUBOR‑linked terms.

The government says the change aims to make the program more financially sustainable and to curb arbitrage, noting that some firms used the ultra‑low‑cost loans to purchase higher‑yielding government bonds, generating risk‑free profit and costing the state about 150 billion HUF annually in interest subsidies. Despite the higher borrowing cost, the program will continue to offer favourable financing for micro, small and medium‑sized enterprises, including an 80 % guarantee from Garantiqa Hitelgarancia Zrt. to ease credit access and reduce lenders’ risk.