Are Albanians "moving away" from government bonds? - AMF: Interest to invest in the primary market drops by 25% during 2025
Albanians are moving away from investing in government bonds. In 2025, individuals have shown lower interest in purchasing bonds, whether through the Bank of Albania or investment funds. Low interest rates have discouraged individual investors from participating, especially in the primary market.
By September of this year, a total of 5,875 transactions were carried out by individuals in the primary market for government securities, with a decrease of about 25% compared to the same period a year ago, when their total was 7,786. Such a decrease in the number of transactions has also been accompanied by a decrease in the volume of money invested in treasury bills and government bonds by citizens.
The latest data from the Financial Supervisory Authority shows that individuals have purchased in the primary market, i.e. from direct purchases for the first time of government securities through auctions organized by the Bank of Albania, about 19.3 billion lek of government securities. The decrease is 16.6% compared to the first nine months of last year, when total investments by individuals were 23 billion lek.
On the other hand, the volume of the secondary market of Government securities realized outside the Stock Exchange for the period January-September 2025, which includes the sale of securities between banks, funds and other individual investors, after they were initially purchased by the Bank of Albania and before the end of their term, was dominated by 54% by transactions in long-term instruments (bonds) and 46% by transactions in short-term instruments (treasury bills).
In terms of the number of transactions, 72.5% of all transactions in the secondary market of government securities outside the stock exchange belong to transactions carried out in treasury bills. Participation in the secondary market of government securities outside the stock exchange, for the period January-September 2025, is dominated by individual investors, who carry out 98% of all transactions in this market.
To invest in treasury bills and bonds, citizens can participate directly in the Bank of Albania auctions or invest indirectly through investment funds, pension funds and other institutions authorized to invest in these instruments.
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