Retail government bonds in Hungary: how much individuals hold and what is on sale
Short answer: Individuals in Hungary hold HUF 12,542.1 billion of retail government securities as of 30 September 2026, 18.51% of central government gross debt: the highest share among the 13 countries for which an official source gives both the amount and the debt. The share was 4.61% at the end of 2005, fell to 2.17% at the end of 2010, rose to a year-end peak of 30.57% at the end of 2019 and was 19.37% at the end of 2025.
How has it changed?
Share of central government gross debt, end of year
Share of central government gross debt at the end of each year. Source: ÁKK, retail securities and gross debt (API getGrossDebt); calculation obrotomierz.pl. File: obieg-szereg.csv.
Every figure for Hungary 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 |
|---|---|---|---|---|---|
| Lakossági állampapírok (HUF retail government securities) | all HUF retail securities in ÁKK's single aggregate; product list indicative only (dataset: PMÁP, Babakötvény, Fix MÁP, MÁP Plusz, BMÁP, EMÁP; ÁKK may also count treasury savings notes); excludes EUR retail bonds | A | 12,542.1 bn HUF | 2026-09-30 | 18.51% |
| FX securities issued in Hungary | ÁKK line FOREIGN_ISSUED_IN_HUNGARY: domestically issued FX securities, which includes the EUR retail bond (PEMÁP); ÁKK does not say the line is retail only | X | 522.2 bn HUF | 2026-09-30 | 0.77% |
- Lakossági állampapírok (HUF retail government securities): share of Hungarian central government gross debt (ÁKK); valuation: as recorded by ÁKK, basis not stated for retail securities; the debt total carries discount T-bills below face value.
- FX securities issued in Hungary: share of Hungarian central government gross debt (ÁKK); valuation: as recorded by ÁKK, basis not stated for retail securities; the debt total carries discount T-bills below face value.
How Hungary 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
- PMÁP (inflation + margin)
- Babakötvény (inflation + margin)
- Fix MÁP (fixed)
- MÁP Plusz (step-up)
- BMÁP, EMÁP (both floating)
Sales: continuously; PMÁP since May 2009. We checked this on the issuer’s page, akk.hu, on 25 October 2026.
Margin over inflation
From the second year PMÁP pays average annual inflation (KSH) plus a margin set for each series; in some series the margin rises later (PMÁP 2035/I1: 0.50% in years 2-6, 1.00% in years 7-10). The series on sale since 17 July 2026, PMÁP 2036/I1, pays a margin of 0.10%. Babakötvény, the bond for children, pays inflation plus 3.00%. The table shows the latest series; all 40 PMÁK and PMÁP series since 2015 are in marze.csv.
| Series | On sale from | Matures | Margin over average annual inflation (KSH) |
|---|---|---|---|
| PMÁP 2036/I1 | 17 July 2026 | 21 February 2036 | 0.10% |
| PMÁP 2035/I2 | 1 October 2025 | 23 May 2035 | 0.10% |
| PMÁP 2035/I1 | 23 April 2025 | 24 May 2035 | 0.50% (1.00% in years 7-10) |
| PMÁP 2032/J | 7 February 2024 | 22 April 2032 | 0.50% (1.00% in years 6-8) |
| PMÁP 2032/I | 29 November 2023 | 22 April 2032 | 0.50% (1.00% in years 6-8) |
| PMÁP 2033/I | 1 August 2023 | 20 January 2033 | 0.25% |
| PMÁP 2031/I | 1 June 2023 | 21 May 2031 | 1.00% |
| PMÁP 2028/L | 1 June 2023 | 26 July 2028 | 0.25% |
| PMÁP 2030/J | 27 March 2023 | 20 March 2030 | 1.50% |
| PMÁP 2030/I | 19 January 2023 | 20 February 2030 | 1.50% |
| PMÁP 2027/K | 19 January 2023 | 24 February 2027 | 0.75% |
| PMÁP 2029/J | 18 October 2022 | 21 March 2029 | 1.50% |
Source: the issuer’s documents for each series. File: marze.csv.
Sources
- Államadósság Kezelő Központ (ÁKK): Central government gross debt (API getGrossDebt; page dated 10/22/2026 11:30) (read on 7 November 2026)
- Issuer’s page for individuals: https://www.akk.hu/hu/allampapir-forgalmazas/allampapir-tipusok (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 Hungary 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 Hungary’s retail government bonds?
Individuals in Hungary hold HUF 12,542.1 billion of retail government securities as of 30 September 2026, 18.51% of central government gross debt: the highest share among the 13 countries for which an official source gives both the amount and the debt. The share was 4.61% at the end of 2005, fell to 2.17% at the end of 2010, rose to a year-end peak of 30.57% at the end of 2019 and was 19.37% at the end of 2025.
Can individuals buy government bonds directly in Hungary?
Yes. Hungary sells PMÁP (inflation + margin), Babakötvény (inflation + margin), Fix MÁP (fixed), MÁP Plusz (step-up) and BMÁP, EMÁP (both floating). Sales: continuously; PMÁP since May 2009. The issuer’s page is akk.hu.
What margin over inflation do Hungary’s retail bonds pay?
From the second year PMÁP pays average annual inflation (KSH) plus a margin set for each series; in some series the margin rises later (PMÁP 2035/I1: 0.50% in years 2-6, 1.00% in years 7-10). The series on sale since 17 July 2026, PMÁP 2036/I1, pays a margin of 0.10%. Babakötvény, the bond for children, pays inflation plus 3.00%. The table shows the latest series; all 40 PMÁK and PMÁP series since 2015 are in marze.csv.
Other countries
- 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 Czechia
- 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.