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Forint rates fall, euro deposit rates rise in July

Hungarian banks' euro-denominated deposit rates rose while euro-denominated lending rates mostly fell for the business sector in July, the National Bank of Hungary (MNB) said in its monthly report on interest rates on Friday. Euro-denominated retail deposit rates were little changed but retail lending rates fell considerably, with the exception for a rise in rates for overdrafts. As for forint-denominated instruments, both deposit and lending interest rates fell in the business segment. The picture was mixed in the retail segment, where forint retail deposit rates rose last month except for sight deposits. In retail lending, rates for overdrafts and consumption loans rose while the average rate for home and other loans continued to fall. The value of forint deposit or lending contracts signed by businesses fell, while their new euro-denominated deposit contracts rose and new euro-denominated loans fell in July, the figures reveal.