Baby bond stock climbs over HUF 100 bln

Figures

The outstanding stock of baby bonds, a high-yield security available to newborn Hungarians since 2006, has climbed over HUF 100 billion, Finance Minister Mihály Varga said in a video posted on Facebook, according to a report by state news wire MTI.

Varga said baby bond accounts for 27,000 children had been opened this year, bringing the total number to 228,000.

He noted that the securities are tax-free and there is no account fee.

New parents who open a baby bond account for their child get a HUF 42,500 start-of-life subsidy and may buy more of the securities as their child grows older. The bonds pay a 3% premium over inflation, and the government offers a 10% top-up for additional purchases, up to HUF 6,000 a year.

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