Households Continue to Make Net Withdrawals in July

Banking

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Households made net withdrawals of HUF 154 billion from their accounts at Hungarian banks in July, monthly data released by the National Bank of Hungary (MNB) on Thursday show.

Households have made net withdrawals from their bank accounts every month since August 2022, with the exception of February.

Hungarian banks' retail deposit stock stood at HUF 11.777 trillion at the end of July.

MNB data show households took out net HUF 43 bln of credit from lenders in July. New contracts included close to HUF 12 bln of prenatal baby support loans.

The government introduced the unsecured, interest-free, general-purpose prenatal baby support loans up to HUF 10m for families having children in the summer of 2019 along with a number of measures designed to address depopulation. The credit will be available until the end of 2024, albeit with tighter conditions and an HUF 11 mln threshold in the last year.

Retail lending stock stood at HUF 9.997 tln at the end of July.

MNB data show the average annual percentage rate for home loans from Hungarian banks was 10.41% in July, edging down from 10.42% in June. The home loan APR was up from 8% in July 2022.

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