Retail lending stock dropped to HUF 6.6 trillion as a result. The forint slipped just 0.4% to the Swiss franc and 0.1% against the euro between the end of October and the end of November. Households repaid net HUF 23.8 bln of their FX loans and the exchange rate changes but other factors, including the weaker forint, raised their FX loan stock by HUF 3.4 bln in the month to HUF 3.5 trillion at the end of November.
In November Parliament passed legislation under which the bulk of the retail FX loan stock will be converted into forints early next year. Households borrowed net HUF 0.7 bln in forints in November while volume and other changes cut their forint loan stock by HUF 4.4 bln. The retail forint loan stock fell to HUF 3.1 trillion.
In the meantime, households placed HUF 16.7 bln into forint deposits. Including a HUF 7.1 bln drop caused by other factors, their forint deposits rose to HUF 5.7 trillion at the end of November. Retail FX deposit stock also rose, by a combined HUF 24.6 bln of which HUF 23.5 bln reflected transactions. Households’ FX deposits were worth HUF 918.6 bln at the end of November.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
