Hundreds Of Thousands Of Hungarians Close Bank Accounts
- 2 Apr 2015 5:00 AM
Over the past two years Hungarian private individuals closed over 430,000 bank accounts, business daily Világgazdaság said. In 2014 alone, the number of private bank accounts dropped by 282,000. The trend could be attributed to the duty imposed on financial transactions which triggered a rise in bank charges, according to the central bank.
The transaction duty was introduced in early 2013. Citing experts, the paper said that many account holders who had more than a single account closed the ones which they used less frequently. In addition, many pensioners are supposed to have shifted from getting their pension through bank transfer to cash.
As a result, the cash held by private individuals have risen by 32% over the past two years, the paper said.
Source www.hungarymatters.hu
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