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Households withdrew HUF 186 bln in March

Banking

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Hungarian households withdrew a net HUF 186 billion from their bank accounts in March, a month after a tax rebate for families raising children and bonuses for pensioners, the police and the armed forces added more than HUF 800 bln to deposit stock, according to monthly data released by the National Bank of Hungary (MNB).

Hungarian banks' retail deposit stock reached HUF 13.264 trillion at the end of the month.

In March, households signed for a net HUF 35 bln of credit, raising lenders' retail lending stock to HUF 9.243 tln. Prenatal baby support loans accounted for HUF 26 bln of the increase.

The government introduced the unsecured, interest-free, general-purpose prenatal baby support loans of up to HUF 10 million for families planning to have 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.

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