Households withdraw HUF 166 bln from bank deposits in January

Banking

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Households made net withdrawals of HUF 166 billion from bank deposits in January, according to data released by the National Bank of Hungary (MNB).

The data shows HUF 289 bln of net withdrawals from forint accounts but net deposits equivalent to HUF 123 bln in FX accounts.

Banks' retail deposit stock fell to HUF 12.683 trillion as a result. Households' net borrowing came to HUF 33 bln in January, lifting lenders' stock of retail loans to HUF 9.353 tln at the end of the month.

Some HUF 23 bln in outlays of prenatal baby support loans accounted for over two-thirds of households' net borrowing.

The government introduced the unsecured, interest-free, general-purpose prenatal baby support loans of up to HUF 10 mln for families expecting or planning children in July 2019.

The loans are available only until the end of 2022. Hungarian lenders' stock of prenatal baby support loans stood at HUF 1.593 tln at the end of January.

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