Households Continue to Make Net Withdrawals in Oct
Photo by Martin Mehes / Shutterstock.com
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.