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Retail deposit stock jumps in April

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Monthly data released by the National Bank of Hungary (MNB) on Thursday show an unprecedented increase in retail deposits in April, according to a report by Hungarian news agency MTI.

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Households deposited net HUF 406 bln in their accounts in April, raising total retail deposit stock to HUF 10.158 trillion. The increase is the biggest monthly rise in the MNBʼs data set which goes back to June 2001.

In a press release, MNB noted that the marked rise was in part due to payroll transfers brought forward because May 1 was a holiday.

Householdsʼ sales of government securities and investment fund units during the month - amidst market volatility because of the coronavirus crisis - may also have been a contributing factor, as well as the fact that the country was under lockdown during the month and the hours of non-essential businesses were restricted.

Households redeemed net HUF 122 bln of their government securities and net HUF 24 bln of investment fund units in April, data released by the MNB on Wednesday show.

Retail sales in April dropped 10.2% year-on-year, data from the Central Statistical Office (KSH) show.

MNB data released on Thursday shows households borrowed net HUF 50 bln in April, lifting the total retail lending stock to HUF 7.387 tln.

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