Households continue to make net withdrawals in May

Banking

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Households withdrew a net HUF 149 billion from their bank accounts in May, three 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 Monday.

In March and April, net withdrawals from retail bank accounts reached HUF 186 bln and HUF 21 bln, respectively.

At the end of May, retail deposit stock reached HUF 13.239 trillion.

The monthly data show households borrowed a net HUF 123 bln in May. Prenatal baby support loans accounted for close to HUF 37 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.

The retail lending stock stood at HUF 9.436 tln at the end of May. The stock of prenatal baby support loans reached HUF 1.652 tln.

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