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Value of new retail loans drops in January

The value of new retail loans signed by Hungarian banks fell in January from previous months, fresh data published by the National Bank of Hungary (NBH) on Monday show.

The value of new retail loans signed by Hungarian banks fell in January from previous months, fresh data published by the National Bank of Hungary (NBH) on Monday show.

The value of new forint consumer loans came to HUF 15.0 billion in January, the lowest monthly level since January 2010. The value of the contracts was down from EUR 24.5 billion in December and was also well under the HUF 22.6 billion monthly average in the twelve months to January.

The value of new forint home loans signed in January was HUF 11.4 billion, the lowest monthly figure since March 2010. The figure was down from HUF 17.5 billion in December and under the HUF 15.0 billion monthly average in the twelve months to January.

The value of new euro- and Swiss franc-based lending was negligible in January because of a ban on foreign currency-denominated mortgage loans introduced by the government in the summer. Swiss franc-based loans were once the most popular retail lending product in Hungary.

Households put HUF 799.2 billion into forint fixed deposits in January, down from HUF 988.7 billion in December and well under the HUF 973.7 billion monthly average in the twelve months to January.