Households were net borrowers of HUF 3.7 billion in forint loans in November and repaid HUF 26.6 billion of foreign currency-denominated loans. But their outstanding debt to banks still rose by HUF 33.2 billion as revaluations and other changes – mainly the weakening forint – raised the stock by HUF 63.1 billion.

The forint weakened 2.2% against both the Swiss franc and the euro, the two main currencies of outstanding retail forex-based loans, between the end of October and the end of November.
Household retail deposits fell by HUF 31.7 billion in November as the weakening of the forint only partly offset withdrawals from both forint- and forex-based deposits during the month. Households withdrew net HUF 22.8 billion from their forint accounts and the equivalent of net HUF 30.5 billion from foreign-currency accounts.

Despite making net forex-based loan repayments every month since March 2009, FX loans still accounted for HUF 3.7578 trillion of the total retail lending stock of HUF 6.9339 trillion at the end of November. Forint retail deposits totaled HUF 5.99568 trillion and retail FX deposits came to HUF 929.7 billion at the end of the month.

Households have made net repayments on loans since December 2009, paying back forex-based loans while borrowing in forints. Months in which households made net repayments on forint-based loans have been rare, occurring between December 2012 and March 2013, then again in October.

Households have cut their deposits every month since February, with the exception of October. They made withdrawals from forint deposits in each of the ten months and from foreign-currency deposits in seven of the months. The months in which net deposits on foreign-currency accounts were made have coincided with a strengthening of the forint.