Hungarians have closed over 430,000 private bank accounts in the past two years, business daily Világgazdaság says. In 2014 alone, the number fell by 282,000. The central bank says the trend could be attributed to the duty imposed on financial transactions since early 2013, which triggered a rise in bank charges. Citing experts, the paper said many account holders who had more than one account closed those they little used. Many pensioners have apparently shifted from getting their pension through bank transfer to cash.
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