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In this paper, the author examines the exchange rate exposure of Hungarian enterprises from a financial stability perspective. In connection with the recent growth in FX loans to enterprises, the central bank assesses the vulnerability of the banks' loan portfolio to changes in the exchange rate. To collect company-level data, two surveys were carried out on exchange rate exposure and exchange rate risk management practices. The first survey carried out in 2005 showed that the majority of small and medium-sized enterprises are exposed to exchange rate depreciation, but that exchange rate risk management techniques are almost unknown to them.
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