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Households Withdraw HUF 120 bln in March

Banking

Households made net withdrawals of HUF 120 billion from their accounts at Hungarian banks in March, according to monthly data released by the National Bank of Hungary (MNB) on its website earlier this week.

Households have made net withdrawals from their bank accounts every month since last August, with the exception of February. Hungarian banks' retail deposit stock stood at HUF 12.374 trillion at the end of March. 

The MNB data shows households took out a net HUF 17 bln of credit from lenders in March. New contracts included a little more than HUF 18 bln in prenatal baby support loans. 

The government introduced the unsecured, interest-free, general-purpose prenatal baby support loans of up to HUF 10 million for families having children in July 2019, along with several measures designed to address depopulation. 

The credit was originally to have been available only until the end of 2022, but the government extended the scheme for another two years.

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