Households Continue to Make Net Withdrawals in Oct

Banking

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Households made net withdrawals of HUF 80 billion from their accounts at Hungarian banks in October, monthly data released by the National Bank of Hungary (MNB) on Monday show.

Households have made net withdrawals from their bank accounts every month for more than a year, with the exception of February.

Hungarian banks' retail deposit stock stood at HUF 11.64 tln at the end of October.

MNB data show households took out net HUF 37 bln of loans from lenders in October. New contracts included HUF 29 bln of prenatal baby support loans.

The government introduced the unsecured, interest-free, general-purpose prenatal baby support loans of up to HUF 10 mln 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 a HUF 11 mln threshold in the last year.

The retail lending stock stood at HUF 10.088 tln at the end of October. The stock included HUF 2.025 tln of prenatal baby support loans.

MNB data show the average annual percentage rate for home loans from Hungarian banks was 9.6% in October, falling from 9.93% in September. The home loan APR was down from 10.14% in October 2022.

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