{"id":165015,"date":"2026-07-07T19:23:14","date_gmt":"2026-07-07T19:23:14","guid":{"rendered":"https:\/\/www.europesays.com\/hu\/165015\/"},"modified":"2026-07-07T19:23:14","modified_gmt":"2026-07-07T19:23:14","slug":"telex-akkora-hozam-van-az-allampapirokon-az-alacsony-inflacio-miatt-hogy-ez-nem-maradhat-igy-sokaig","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/hu\/165015\/","title":{"rendered":"Telex: Akkora hozam van az \u00e1llampap\u00edrokon az alacsony infl\u00e1ci\u00f3 miatt, hogy ez nem maradhat \u00edgy sok\u00e1ig"},"content":{"rendered":"

\"Pupli<\/a><\/p>\n

\u00c1ll\u00edtsd be a Telexet megb\u00edzhat\u00f3 forr\u00e1snak!<\/p>\n

Kedden k\u00f6zz\u00e9tette a j\u00faniusi, el\u0151z\u0151 h\u00f3napin\u00e1l is alacsonyabb, 1,7 sz\u00e1zal\u00e9kos infl\u00e1ci\u00f3s adatot a KSH<\/a>, aminek a hazai \u00e1llampap\u00edr-befektet\u0151k is \u00f6r\u00fclhetnek: a lassul\u00f3 infl\u00e1ci\u00f3 mellett ugyanis a lakoss\u00e1gnak k\u00edn\u00e1lt \u00e1llampap\u00edrok kamatai tov\u00e1bbra is rendk\u00edv\u00fcl magasan ragadtak. Ez az \u00e1llamnak m\u00e1r kev\u00e9sb\u00e9 j\u00f3 h\u00edr, \u00edgy val\u00f3sz\u00edn\u0171leg nem is tarthat\u00f3 sok\u00e1ig a jelenlegi helyzet, \u00edrja a Bankmonitor.<\/a><\/p>\n

Az \u00c1llamad\u00f3ss\u00e1g Kezel\u0151 K\u00f6zpont (\u00c1KK) nemr\u00e9g sz\u00e1mos lakoss\u00e1gi \u00e1llampap\u00edr kamat\u00e1t cs\u00f6kkentette, a FixM\u00c1P eset\u00e9ben p\u00e9ld\u00e1ul 6,5 sz\u00e1zal\u00e9kr\u00f3l 6 sz\u00e1zal\u00e9kra.<\/a> Az 1,7 sz\u00e1zal\u00e9kos infl\u00e1ci\u00f3 mellett ez azonban m\u00e9g mindig 4,3 sz\u00e1zal\u00e9kos nett\u00f3 re\u00e1lhozamot jelent. Egy kock\u00e1zatmentes, ad\u00f3mentes \u00e1llami megtakar\u00edt\u00e1st\u00f3l ez a re\u00e1lhozam t\u00f6rt\u00e9nelmi l\u00e9pt\u00e9kkel m\u00e9rve is kiugr\u00f3an magas. De m\u00e9g a piaci kamatszint mellett, ami kedden 5,03 sz\u00e1zal\u00e9k, m\u00e9g 3,33 sz\u00e1zal\u00e9kos re\u00e1lhozamot ny\u00fajtanak az 5 \u00e9ves \u00e1llamk\u00f6tv\u00e9nyek.<\/p>\n

A piaci bizalom megugr\u00e1sa miatt a piac jelenleg sokkal olcs\u00f3bban hitelezi a magyar \u00e1llamot, mint a lakoss\u00e1g. K\u00e1rm\u00e1n Andr\u00e1s p\u00e9nz\u00fcgyminiszter ir\u00e1nymutat\u00e1sa alapj\u00e1n az \u00c1KK els\u0151dleges c\u00e9lja az \u00e1llami kamatkiad\u00e1sok radik\u00e1lis cs\u00f6kkent\u00e9se. Emiatt a lakoss\u00e1gnak fizetett 6 sz\u00e1zal\u00e9kos FixM\u00c1P \u2013 amely majdnem 1 sz\u00e1zal\u00e9kos tiszta fel\u00e1rat jelent a piaci \u00e1rakhoz k\u00e9pest \u2013 hossz\u00fa t\u00e1von fenntarthatatlan teher a k\u00f6lts\u00e9gvet\u00e9snek. Ez\u00e9rt, ha a piaci hozamok tart\u00f3san 5 sz\u00e1zal\u00e9k k\u00f6r\u00fcl maradnak, az \u00c1KK k\u00e9nytelen lesz tov\u00e1bb v\u00e1gni a FixM\u00c1P kamat\u00e1t \u2013 ak\u00e1r 5,5 sz\u00e1zal\u00e9kra vagy m\u00e9g lejjebb.<\/p>\n

Mik\u00f6zben a fix kamatoz\u00e1s\u00fa FixM\u00c1P \u00e1llom\u00e1nya j\u00f3csk\u00e1n megn\u0151tt az elm\u00falt hetekben, az infl\u00e1ci\u00f3k\u00f6vet\u0151 kamatoz\u00e1s\u00fa \u00e1llampap\u00edrok, \u00edgy a PM\u00c1P n\u00e9pszer\u0171s\u00e9ge cs\u00f6kkent \u2013 arr\u00f3l, hogy ez mi\u00e9rt fontos, a G7 cikk\u00e9ben olvashatnak r\u00e9szletesebben.<\/a><\/p>\n

Partnereinkt\u0151l<\/p>\n

\u00c1ll\u00edtsd be a Telexet megb\u00edzhat\u00f3 forr\u00e1snak!<\/p>\n

K\u00f6vess minket Facebookon is!<\/p>\n

Tov\u00e1bbi \u00e9l\u0151 \u00e1rfolyamok! <\/p>\n","protected":false},"excerpt":{"rendered":"\u00c1ll\u00edtsd be a Telexet megb\u00edzhat\u00f3 forr\u00e1snak! Kedden k\u00f6zz\u00e9tette a j\u00faniusi, el\u0151z\u0151 h\u00f3napin\u00e1l is alacsonyabb, 1,7 sz\u00e1zal\u00e9kos infl\u00e1ci\u00f3s adatot…\n","protected":false},"author":2,"featured_media":165016,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[6],"tags":[5459,63,44,42,40,3279,48773,43,41],"class_list":["post-165015","post","type-post","status-publish","format-standard","has-post-thumbnail","category-magyarorszag","tag-allampapir","tag-gazdasag","tag-hu","tag-hungarian","tag-hungary","tag-inflacio","tag-inflacios-adat","tag-magyar","tag-magyarorszag"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/posts\/165015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/comments?post=165015"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/posts\/165015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/media\/165016"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/media?parent=165015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/categories?post=165015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/hu\/wp-json\/wp\/v2\/tags?post=165015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}