Households Continue to Make Net Withdrawals in September

Banking

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Households made net withdrawals of HUF 25 billion from their accounts at Hungarian banks in September, state news wire MTI reports, citing monthly data released by the National Bank of Hungary (MNB).

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

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

MNB data show households took out a net HUF 27 bln of loans from lenders in September. New contracts included HUF 25 bln of prenatal baby support loans.

The government introduced the unsecured, interest-free, general-purpose prenatal baby support loans up to HUF 10 million 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 10.056 tln at the end of September. The stock included HUF 2.007 tln of prenatal baby support loans.

MNB data show the average annual percentage rate for home loans from Hungarian banks was 9.93% in September, falling from 10.12% in August. The home loan APR was up from 9.24% in September 2022.

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