Households Make Net Withdrawals From Bank Accounts in Sep

Banking

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Households made net withdrawals of HUF 124 billion from their accounts at Hungarian banks in September, monthly data released by the National Bank of Hungary (MNB) on Thursday show.

Banks' retail deposit stock fell to HUF 13.407 trillion at the end of the month, although the decline was mitigated by a HUF 106 bln increase of FX deposit stock as the forint weakened.

MNB data show households borrowed net HUF 46 bln in September. Prenatal baby support loans accounted for around half of total borrowing.

The government introduced unsecured, interest-free, general-purpose prenatal baby support loans of up to HUF 10 mln 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.

Retail lending stock stood at HUF 9.823 tln at the end of September. Stock of prenatal baby support loans was close to HUF 1.83 tln.

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