Hungary's Sept 2011 deposits up by 7.4% y/y.

By bne IntelliNews November 2, 2011
The total stock of deposits of Hungarian residents widened by 7.4% y/y to HUF 17.78tn (EUR 59.87bn) in September 2011, speeding up its growth from 3.5% in the previous month, central bank data showed. As in the previous months, the improvement was backed by a higher deposit stock of MFI, which compensated the decline in government deposits, while other residents also increased their savings. MFIs' deposits rose by 16.9% y/y to HUF 3.6tn. The central government's deposits stood at HUF 336.9bn, down by 12.3% y/y. The deposits of all other residents climbed up by 4.8% on the year, following an increase in both overnight and fixed-term deposit stock. The corporate deposits amounted to HUF 4.14tn as of end-September, up by 3.4% on the year and also increasing on the month. After breaking the downward trend in April, the total deposits stock in the household sector were up again at an accelerating pace of 6.6% y/y, compared to 3.6% y/y in August. The increase came on higher overnight deposits in forint. At the same time household forint-denominated time deposits slipped m/m and y/y. The euro-deposits fell m/m and improved y/y, but their share of the total is small.

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