Gov't Extends Deposit Rate Cap Till Year-end
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The government has decided to extend a cap on interest rates on deposits of institutional investors and some private individuals until the end of the year, the Economic Development Ministry said on Monday, according to a report by state news wire MTI.
The cap, set at the average three-month discount T-bill yield, was rolled out on November 22, 2022. It had been set to expire on September 30.
The cap applies to institutional investors, pension funds, insurers, and investment funds, as well as to retail banking clients with HUF 20 million or more on their accounts.
The government also decided to extend a prohibition on the unrestricted transfer of central bank discount bills until the end of the year, the ministry said.
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