Since November 22, a government decision has maximized the amount of interest on bank deposits over HUF 20 million (EUR 48.5 thousand) with a maximum term of one year. The measure applies to domestic actors – insurance companies, investment services companies, investment funds, pension funds and private investors – and not to companies or banks and foreigners.
Minister for Economic Development Márton Nagy justified this measure with the anomalies on the money and financial markets as a result of the failed sanctions in Brussels.
Until March 31, 2023, commercial banks cannot pay an interest rate that is higher than the yield on the three-month discount bill on deposits by investment companies, building societies and insurance companies as well as private customers deposits of more than HUF 20 million (EUR 48.5 thousand).
The yield for the three-month discount bill is currently around 11-12%, for six-month discount bill it is still over 12.5%, but for long-term government bonds with a term of 15-20 years it is only 7.25%.