Retail government bonds in Czechia: how much individuals hold and what is on sale
Short answer: Individuals in Czechia hold CZK 130.7 billion of Dluhopis Republiky retail state bonds as of 30 September 2026, 3.53% of state bonds outstanding (excluding loans and other state debt). Czechia ranks sixth by this share among the 13 countries for which an official source gives both the amount and the debt. Measured against total state debt, retail state bonds peaked at 5.20% at the end of 2013, fell to 0.32% at the end of 2018 and were 1.83% at the end of 2025.
How has it changed?
Share of total state debt, end of year
Share of total state debt at the end of each year. The 3.53% above is a share of state bonds only, and the amount itself almost doubled in 2026: from CZK 67.4 billion at the end of 2025 to CZK 130.7 billion on 30 September 2026. Until 2025 the line was called Spořicí státní dluhopisy. Source: Ministry of Finance of the Czech Republic; calculation obrotomierz.pl. File: obieg-szereg.csv.
Every figure for Czechia in the dataset
Each row is one figure as published in an official source, with what it covers. Class A is a programme sold only to individuals; class C counts all government securities that households hold, with no retail programme; class X is a broader line or one that includes deposits, so it is never added to the A rows it contains.
| Programme | What it covers | Class | Amount | As of | Share of debt |
|---|---|---|---|---|---|
| Dluhopis Republiky (retail state bonds) | all retail state bonds in MF's instrument table: 3-month 27,590,887,340; 5-year 46,392,454,790; 6-year 56,696,980,851 Kč | A | 130.7 bn CZK | 2026-09-30 | 3.53% |
- Dluhopis Republiky (retail state bonds): share of Czech state bonds only (Dluhopisy celkem; excludes loans and other state debt); valuation: not stated (Kč as printed).
How Czechia compares
An official source gives the amount of government bonds sold to individuals in 16 countries; for 13 of them it also gives the debt, so we can compute a share. The figures are not fully comparable: each country measures its debt differently, and the class column above says what the amount covers.
| Country | Amount | As of | Share of debt |
|---|---|---|---|
| Hungary | 12,542.1 bn HUF | 2026-09-30 | 18.51% |
| Portugal | 45.4 bn EUR | 2026-09-30 | 14.44% |
| Poland | 194.4 bn PLN | 2026-08-31 | 8.64% |
| Ireland | 19.4 bn EUR | 2025-12-31 | 8.36% |
| Italy | 112.6 bn EUR | 2026-09-30 | 4.16% |
| Czechia | 130.7 bn CZK | 2026-09-30 | 3.53% |
| Latvia | 503 m EUR | 2026-09-30 | 2.20% |
| Spain | 26.0 bn EUR | 2026-08-31 | 1.73% |
| Austria | 5.4 bn EUR | 2025-12-31 | 1.73% |
| South Africa | 21.9 bn ZAR | 2025-03-31 | 0.43% |
| United States | 145.2 bn USD | 2026-10-31 | 0.36% |
| Belgium | 1.6 bn EUR | 2026-06-30 | 0.29% |
| Canada | under 0.05 bn CAD | 2025-03-31 | 0.00% |
| United Kingdom | 139.6 bn GBP | 2026-03-31 | not given |
| Singapore | 20.2 bn SGD | 2026-11-02 | not given |
| Brazil | 279.3 bn BRL | 2026-09-30 | not given |
What is on sale today
- Protiinflační dluhopis (inflation + margin)
- Fixní dluhopis, Flexi (both fixed)
Sales: two windows in 2026; earlier in 2011-2014 and 2019-2022. We checked this on the issuer’s page, dluhopisy.gov.cz, on 25 October 2026.
Margin over inflation
Issues from July 2019 to December 2020: CPI plus 0.50 percentage points (minimum 0.50%). Issues from April 2021 to January 2022: CPI only (minimum 0%). The July 2026 issue: no margin in years 1-4 and 2.50% in year 5, with inflation capped at 5%.
| Series | On sale from | Matures | Margin over CPI |
|---|---|---|---|
| Protiinflační dluhopis (inflation-linked) | 15 July 2026 | 15 July 2031 | 0.00% (2.50% in year 5) |
| Protiinflační dluhopis (inflation-linked) | 3 January 2022 | 3 January 2028 | 0.00% |
| Protiinflační dluhopis (inflation-linked) | 1 October 2021 | 1 October 2027 | 0.00% |
| Protiinflační dluhopis (inflation-linked) | 1 July 2021 | 1 July 2027 | 0.00% |
| Protiinflační dluhopis (inflation-linked) | 1 April 2021 | 1 April 2027 | 0.00% |
| Protiinflační dluhopis (inflation-linked) | 31 December 2020 | 31 December 2026 | 0.50% |
| Protiinflační dluhopis (inflation-linked) | 1 October 2020 | 1 October 2026 | 0.50% |
| Protiinflační dluhopis (inflation-linked) | 1 July 2020 | 1 July 2026 | 0.50% |
| Protiinflační dluhopis (inflation-linked) | 1 April 2020 | 1 April 2026 | 0.50% |
| Protiinflační dluhopis (inflation-linked) | 2 January 2020 | 2 January 2026 | 0.50% |
| Protiinflační dluhopis (inflation-linked) | 1 October 2019 | 1 October 2025 | 0.50% |
| Protiinflační dluhopis (inflation-linked) | 1 July 2019 | 1 July 2025 | 0.50% |
Source: the issuer’s documents for each series. File: marze.csv.
Sources
- Ministerstvo financí ČR: Struktura a vývoj státního dluhu 2012-2025 (mld. Kč), page updated 27.2.2026 (read on 7 November 2026)
- Ministerstvo financí ČR: Státní dluhopisy podle typu instrumentu za rok 2026 (data za září doplněna 30.10.2026) (read on 7 November 2026)
- Issuer’s page for individuals: https://dluhopisy.gov.cz/ (checked on 25 October 2026)
Data and citation
Every number on this page comes from our open dataset on government savings bonds for individuals in 195 countries (CC BY 4.0, DOI 10.5281/zenodo.23638786 for all versions; the citation below gives the DOI of this version). Files for Czechia and the other countries: obieg.csv, obieg-szereg.csv, obieg-zrodla.csv, produkty.csv and marze.csv (column names in Polish, described on the dataset page).
Błażewski, R. (2026). Government savings bonds for individuals in 195 countries (version 2026-11-13) [Data set]. obrotomierz.pl. https://doi.org/10.5281/zenodo.24168443
Frequently asked questions
How much do individuals hold in Czechia’s retail government bonds?
Individuals in Czechia hold CZK 130.7 billion of Dluhopis Republiky retail state bonds as of 30 September 2026, 3.53% of state bonds outstanding (excluding loans and other state debt). Czechia ranks sixth by this share among the 13 countries for which an official source gives both the amount and the debt. Measured against total state debt, retail state bonds peaked at 5.20% at the end of 2013, fell to 0.32% at the end of 2018 and were 1.83% at the end of 2025.
Can individuals buy government bonds directly in Czechia?
Yes. Czechia sells Protiinflační dluhopis (inflation + margin) and Fixní dluhopis, Flexi (both fixed). Sales: two windows in 2026; earlier in 2011-2014 and 2019-2022. The issuer’s page is dluhopisy.gov.cz.
What margin over inflation do Czechia’s retail bonds pay?
Issues from July 2019 to December 2020: CPI plus 0.50 percentage points (minimum 0.50%). Issues from April 2021 to January 2022: CPI only (minimum 0%). The July 2026 issue: no margin in years 1-4 and 2.50% in year 5, with inflation capped at 5%.
Other countries
- Retail government bonds in Hungary
- Retail government bonds in Portugal
- Retail government bonds in Ireland
- Retail government bonds in Italy
- Retail government bonds in South Africa
- Retail government bonds in Austria
- Retail government bonds in the United States
- Retail government bonds in the United Kingdom
- Retail government bonds in Spain
- What all 195 countries sell to individuals
By Rafał Błażewski, obrotomierz.pl. Amounts and debt figures as published in the official sources listed above; shares calculated by us. We show who sells what and do not recommend any product; we earn nothing from government bonds.