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RETAIL DEPOSITS TICK UP IN MAY AFTER UNPRECEDENTED RISE IN APRIL

 

Households placed net 65 billion forints (EUR 184m ) in their bank deposits in May, monthly data released by the National Bank of Hungary (NBH) show.
The moderate increase in deposits followed a 406 billion forint rise in April – the biggest in the central bank’s data set which goes back to June 2001 – when households redeemed some of their investments in securities and investment fund units amidst market volatility due to the coronavirus, and restrictions on hours for non-essential businesses reduced spending in shops. Households took out net 85 billion forints in loans in May, raising total retail lending stock to 7,470 billion.