Hungarian government abolishes deposit rate caps on 1 April
The government will phase out a cap on deposit rates from 1 April, the national economy ministry said on Thursday.
Government to abolish deposit rate caps
The cap, set at the average three-month discount T-bill auction yield, was rolled out on 22 November, 2022, as a measure to counter interest income of a scale that was “unjustified and unfair”. The cap was applied to institutional investors, pension funds, insurers and investment funds, as well as retail banking clients with HUF 20 million (EUR 50,000) or more on their accounts.
The ministry noted that the effective central bank base rate and interbank interest rates had fallen close to ten percentage points since the cap was introduced, as inflation dropped sharply supported by government measures.
Read also:
If you would like to support the work of the Daily News Hungary staff and independent journalism,
please make a donation here
please make a donation here
Hot news
Hungary proud on scientists, increased R+D sector funding significantly
American teacher faces expulsion from Hungary after a 10-year career in Budapest
Orbán cabinet sticks to economic neutrality, refuses to join blocks, finance minister Varga said
Trump appoints former PM Orbán advisor Gorka as his counter-terrorism chief but Orbán can’t be glad
Considerable financial support for Hungarians living in Ukraine, says Speaker Kövér
The big showdown: Is life better in Romania than Hungary?
