Households Make HUF 164 bln of Net Withdrawals in January

Banking

Households made net withdrawals of HUF 164 billion from their accounts at Hungarian banks in January, news agency MTI reports, citing monthly data released by the National Bank of Hungary (MNB).

Households had made net deposits on their accounts in November and December.

Hungarian banks' retail deposit stock stood at HUF 11.996 tln at the end of January.

MNB data show households took out net HUF 24 bln of loans from lenders in January. New lending contracts included close to HUF 19bn of prenatal baby support loans.

The government introduced the unsecured, interest-free, general-purpose prenatal baby support loans 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 an HUF 11 mln threshold.

The retail lending stock stood at HUF 10.167 tln at the end of January. The stock included HUF 2.081 tln of prenatal baby support loans.

MNB data show the average annual percentage rate for home loans from Hungarian banks was 8.76% in January, falling from 8.86% in December. The home loan APR was down from 11.67% in January 2023.

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