Ministry of Finance presents to the public, in accordance with the calendar of published information for the first half of 2026 planned within the Czech Republic Funding and Debt Management Strategy for 2026 published on 6 January 2026, the Czech Republic Government Debt Management Annual Report for 2025. The Report provides a more detailed presentation of the development and structure of state debt, the issuance activity of the state on the primary government bond market and the operations carried out on the secondary market, the development and structure of expenditure on state debt service, and the evaluation of financial risks associated with state debt management. It also includes the results of the annual overall evaluation of Primary Dealers in Czech Government Securities for 2025, with the following three primary dealers formally confirmed as the most active: PPF banka a.s., KBC Bank NV / Československá obchodní banka, a.s., and Deutsche Bank AG.

The absolute value of the state debt reached CZK 3,677.6 billion at the end of 2025, which represents an increase of CZK 312.3 billion compared to the end of 2024. In relative terms to gross domestic product, there was a year-on-year increase from 41.8% to 43.1%. The financing of gross borrowing requirement, which amounted to CZK 695.2 billion in 2025, was carried out mainly through the sale of CZK-denominated medium-term and long-term government bonds on the domestic bond market through auctions organised by the Czech National Bank, which continued to represent the primary source of the Czech Republic’s financing needs and accounted for approximately 90% of total state debt. The gross issuance of CZK-denominated medium-term and long-term government bonds on the primary and secondary markets amounted to CZK 485.7 billion, of which CZK 20.6 billion was in the form of variable-rate government bonds. The average time to maturity of newly sold government bonds was 8.9 years and the average yield to maturity of newly sold fixed-rate government bonds was 4.21% p.a.