Households continue to make net withdrawals in April

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Households withdrew net HUF 21 billion from their bank accounts in April, two months after a tax rebate for families raising children, along with bonuses for pensioners, the police, and armed forces, added over HUF 800 bln to deposit stock, state news wire MTI reports, citing data released by the National Bank of Hungary (MNB) on Wednesday.

In March, net withdrawals from retail bank accounts reached HUF 186 bln.

At the end of April, retail deposit stock reached HUF 13.303 trillion.

The monthly data show households borrowed net HUF 73 bln in April. Prenatal baby support loans accounted for close to HUF 33 bln 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 9.314 tln at the end of April. The stock of prenatal baby support loans reached HUF 1.615 tln.

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