Household Deposits, Withdrawals Level out After Feb Windfall

Banking

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Households withdrew about as much as they deposited from their accounts at Hungarian banks in June, state news wire MTi reports, citing monthly data released by the National Bank of Hungary (MNB) on Tuesday.

In each of the previous three months, households had made net withdrawals, after a tax rebate for families raising children, along with bonuses for pensioners, the police, and armed forces, added over HUF 800 billion to deposit stock in February.

Banks' retail deposit stock reached HUF 13.269 trillion at the end of the month.

MNB data show households borrowed net HUF 90 bln in June. Prenatal baby support loans accounted for one-third of borrowing.

The government introduced the unsecured, interest-free, general-purpose prenatal baby support loans up to HUF 10 million for families having children in July 2019. The loans are part of a package of family support measures designed to address the problem of depopulation and are available only until the end of 2022.

Retail lending stock stood at HUF 9.525 tln at the end of June. The stock of prenatal baby support loans reached HUF 1.682 tln.

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