In the history of securities market 1990 was a very important year. The first law on securities was approved and the Budapest Stock Exchange (BSE) was reopened. The Hungarian bond market is in effect a government securities market, because both the volume of issues as well as the majority of transactions are related to the government itself.
Government bonds
According to the 1993 plan, central budget deficit financing was based on issues of government securities. At the beginning of 1993 government bonds were issued at a very low yield.
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