HUF 100 Billion Bought in One Week Amid Retail Investor Frenzy

Hungarian retail investors purchased nearly HUF 100 billion worth of government bonds in a single week, according to the latest figures released by the Government Debt Management Agency (ÁKK).

This brings the total gross sales of forint (HUF) – denominated retail bonds this year to HUF 3,543 billion (EUR 1 = HUF 398,44). The most popular instruments were the Bonus Hungarian Government Bond (BMÁP) and the Fixed-Rate Hungarian Government Bond (FixMÁP) series, reports forbes.hu.

The ÁKK published its gross sales data for Week 31, showing a 47% increase over the previous week’s already elevated numbers. The sharp rise signals renewed enthusiasm among retail investors for government securities.

In the past week alone, investors purchased:

FixMÁP: HUF 51.76 billion
BMÁP: HUF 32.93 billion
Treasury Savings Bills: HUF 7.76 billion
Premium Hungarian Government Bonds (PMÁP), once the top choice, saw just HUF 1.06 billion in purchases.

According to Portfolio, gross sales of forint (HUF)-denominated retail government bonds have reached HUF 3,543 billion so far in 2025. The breakdown is as follows:

(Note: Data does not include figures regarding the Printed Version of MÁP Plusz).

While the inflow appears impressive, István Karagich, managing director of financial consulting firm Blochamps, cautions that much of the demand may be coming from households with smaller savings. In his view, larger retail investors have already withdrawn much of their capital from these instruments.

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