Value of circulating currency up 11.5%
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The average value of the currency in circulation in the first quarter of this year was 11.5% higher than in the same period of the previous year. It amounted to HUF 7.265 trillion on March 31, writes business daily Világgazdaság.
According to data from the National Bank of Hungary (MNB), the value of banknotes in circulation was HUF 7.171 tln, amounting to 591.6 million notes at the end of March. This is an increase of 9.12% in value and 6.63% in volume compared to the same period last year.
MNB estimates that the strong increase in the stock of cash was a consequence of demand shock in the first wave of the coronavirus epidemic in March last year. However, this is only partially supported by domestic cash flow data.
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