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Households borrow more in forints, less in euros in April

Hungarian households borrowed more in forints and less in euros in April, fresh data from the National Bank of Hungary show.

Households took out HUF 23.7 billion of new consumer loans in April, up from HUF 20.8 billion in March and HUF 14.6 billion twelve months earlier. The average monthly amount of new contracts was HUF 16.6 billion in the twelve months to the end of the period.

The total cost of borrowing indicator for the contracts averaged 20.51% in April, down from 22.84% in the previous month and 29.63% twelve months earlier.

New retail home loan stock came to HUF 13.0 billion in April, up from HUF 8.5 billion in March and HUF 9.4 billion twelve months earlier. The monthly average in the twelve months to the end of the period was HUF 9.1 billion.

The average cost of borrowing indicator for the loans was 10.96% in April, down from 11.20% in March and 15.43% twelve months earlier.

Households borrowed the equivalent of just HUF 3.9 billion in EUR-based consumer loans in April, down from HUF 5.9 billion in March and HUF 12.7 billion twelve months earlier. The monthly average in the twelve months to the end of the period was HUF 10.0 billion.

The average cost of borrowing indicator for the loans averaged 10.93% in April, up from 10.59% in March, but down from 12.38% twelve months earlier.

New euro-based home loan contracts were worth HUF 5.1 billion in April, down from HUF 9.8 billion in March and HUF 11.7 billion twelve months earlier. The monthly average for May-April was HUF 11.4 billion.

The average cost of borrowing indicator for the loans was 8.63% in April, down from 8.85% in March and 10.06% twelve months earlier.

Borrowing in Swiss franc-denominated products was negligible.

Households put HUF 1,422.3 billion into sight deposits in April, up from HUF 1,368.2 billion in March and HUF 1,369.9 billion twelve months earlier. They put HUF 903.1 billion into fixed deposits in April, down from HUF 960.7 billion in March and HUF 1,077.7 billion twelve months earlier.

Banks paid an average rate of 5.16% on the fixed deposits, down from 5.389% in April and 10.01% twelve months earlier. (MTI – Econews)