Interest in government bonds fades - Citizens' investments in the primary market dropped to 23.8 billion lek during 2025
Fewer and fewer citizens are showing interest in investing in treasury bills and bonds.
According to the Financial Supervisory Authority (AMF), in 2025, a total of 7,299 transactions were carried out by individuals in the primary market of government securities, with a decrease of about 24% compared to 2024, when their total was 9,654. Such a decrease in the number of transactions was also accompanied by a decrease in the volume of money invested in treasury bills and government bonds by citizens.
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 23.8 billion lek of government securities. The decrease is 16% compared to the previous year, when total investments by individuals were 28.5 billion lek.
On the other hand, the volume of the secondary market of Government securities realized outside the Stock Exchange for the past year, 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 51% by transactions in long-term instruments (bonds) and 49% by transactions in short-term instruments (treasury bills).
In terms of the number of transactions, 74.6% of all transactions in the secondary market for government securities outside the stock exchange belong to transactions carried out in treasury bills. Participation in the secondary market for government securities outside the stock exchange during 2025 is dominated by individual investors, who carry out 98% of all transactions in this market.
Treasury bills are short-term financial instruments with maturities of 3, 6 and 12 months, while bonds are medium- and long-term instruments. Last year, 20-year bonds were issued for the first time as a market test.
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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