Outstanding stock of baby bonds, a high-yield security available to newborn Hungarians since 2006, has climbed over 100 billion forints (EUR 272m), Finance Minister Mihály Varga said in a video posted on Facebook on Saturday.
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 42,500 forint (EUR 116) 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 percent top-up for additional purchases, up to 6,000 forints (EUR 16.3) a year.
featured image illustration via Márton Mónus/MTI