Are you sure?

Retail borrowing grinds to practical halt

The stock of outstanding forint and foreign currency-denominated retail debt rose just HUF 17.9 billion in February, a fraction of the HUF 647 billion increase in January, Hungarian Central Bank (MNB) show.

Total household debt stood at HUF 8,387 billion at the end of February, up HUF 2,048 billion from a year earlier.

Foreign currency-denominated retail debt rose by the equivalent of just HUF 21.5 billion in February after jumping HUF 626.3 billion in January. Forex retail debt was up HUF 2,087.5 billion in twelve months. The MNB report attributed HUF 12.8 billion of the increase in February to exchange rate losses and other changes, such as to interest rates and other terms.

Excluding the effect of exchange rate changes, the seasonally-adjusted net foreign currency borrowing of households was HUF 38.3 billion in February, roughly unchanged for the fourth consecutive month. (MTI – Econews)