Hungary’s State Debt Rises as Forint Strengthens

The Hungarian State Debt Management Centre reported that the central government’s debt grew to 63,096.4 billion forints, up 2,556.6 billion from the previous month. Net forint‑denominated borrowing added 2,762.9 billion forints and net foreign‑currency borrowing added 1,359.2 billion, helping to finance part of the budget gap. The forint‑denominated debt reached 45,338.9 billion forints, raising its share of total debt from 70.3 % to 71.9 %.

Household bond holdings also increased, with the portfolio of forint‑linked retail bonds rising to 12,606.1 billion forints, 880.1 billion higher than at the end of 2025. Foreign investors’ holdings in Hungarian government securities rose to 9,284.0 billion forints.

The Finance Ministry’s latest figures show a central‑budget shortfall of 3.8 trillion forints for the year, versus a planned deficit of 4.22 trillion. Revenue growth lagged expectations: corporate‑tax and VAT receipts were each about 55 billion forints below the previous year, while personal‑income‑tax receipts rose only 5.4 % despite strong wage growth. These fiscal pressures, combined with a stronger forint that reduced the foreign‑currency debt component, shaped the current debt picture.