More than half of the monthly increase came from sales of interest-bearing T-bills, which amounted to HUF 94.6 bln in April. Their stock rose to HUF 2.17 tln by the end of the month.

Six-month T-bills accounted for another 27% of the total. The two papers were still available at a higher interest rate during the last week of the month.

Most of the remainder of the April increase was in Premium Hungarian Government Bonds (PMÁK), the stock of which rose HUF 32.5 bln to HUF 884.7 bln.

Retail investors bought HUF 1.3 bln of Bonus Hungarian Government Bonds (BMÁK) and HUF 700 million “baby bonds” in April, raising their holdings to HUF 461 bln and HUF 21.4 bln, respectively. They also purchased HUF 3.8 bln worth of Treasury savings bills, the stock of which stood at HUF 419.2 bln at the end of April.

Stock of Premium Euro Hungarian Government Bonds (PEMÁK) stood practically unchanged at €1.8 bln at the end of April. The combined stock of FX and forint denominated retail government securities stood at HUF 4.823 tln at the end of the month.