Central bank: Household savings hit 16-year high


Thanks to borrowers’ relief payments that banks made to customers with foreign-exchange based mortgages under the so-called FX law, household debt dropped and household savings hit a 16-year high in the period from September 2014-September 2015, the National Bank of Hungary (MNB) reported Thursday.

In the 12 months ending in September, net household financial savings were at HUF 2.659 trillion, or 8% of the GDP, the bank said, according to state news agency MTI. This represented an increase in household savings from 7.8% of GDP in the second quarter of last year and 6.2% of GDP in the same period of the previous year.

While the impact of FX loan compensation was strongest in the first quarter last year, savings in the third quarter of last year were boosted by government compensation payments made to investors in the failed Quaestor brokerage, which went under early last year, according to reports.

Households made net loan repayments of HUF 96 billion in the third quarter, according to the report. It added that households have been net repayers of loans in every quarter since Q3 2009.


Zwack Profit Climbs 8% Figures

Zwack Profit Climbs 8%

Parl't Approves Amendments to Legislation on Judiciary Parliament

Parl't Approves Amendments to Legislation on Judiciary

Magnus Aircraft Signs CNY 65 mln Order Deals

Magnus Aircraft Signs CNY 65 mln Order

Accommodation Fully Booked Over Pentecost Weekend Tourism

Accommodation Fully Booked Over Pentecost Weekend


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.