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Net sales of savings instruments in July-August of fiscal year 2024-25 experienced a substantial decline of 24.07 per cent compared to the same period in the previous fiscal year.
The net sales of the savings instruments in July-August FY 25 stood at Tk 42.23 billion, Bangladesh Bank (BB) data showed.
Such sales of saving certificates reached Tk 55.62 billion in July-August FY 24, according to the data.
On the other hand, such sales of saving tools declined by 6.70 per cent in August this year.
Such sales of saving tools stood at Tk 20.36 billion in August this year whereas it stood at Tk 21.87 billion in July this year, the BB data said.
Net sales of savings instruments in July this year increased by only Tk 21.87 billion, following a period of negative growth over the past year.
The net sales of savings certificates in June this year showed a negative growth of Tk 33.81 billion over the matching period of the last year due to the prevailing higher rate of encashment than the investment.
The net sales of such instruments in May this year dropped by Tk 30.94 billion, the BB data showed.
The central bank data also shows negative growth in savings instruments of Tk 146.48 billion for July-April of FY24. In contrast, sales of savings certificates during the same period in FY23 exceeded Tk 35.79 billion.
The net sales of savings certificates are calculated by deducting the amount repaid for previously sold certificates from the total sales.
Outstanding amount of saving instruments also showed a significant decline during July-August this fiscal year compared to the matching period of the last fiscal year.
The outstanding amount of saving instruments stood at Tk 3.50 trillion in July-August FY 25 whereas it was Tk 3.66 trillion in July-August FY 24, the BB data showed.
The total outstanding reached Tk 3.48 trillion in July FY 25, whereas it was over Tk 3.60 trillion during the same period in the previous fiscal year, as indicated by the BB data.
Currently, there are 11 government-owned savings tools on the market, four being savings certificates.
These include 'Five-year Bangladesh Sanchayapatra' (with an 11.28-per cent yield), 'Three-monthly Profit-bearing Sanchayapatra' (11.04 per cent), 'Family Savings Certificate' (11.52 per cent) and 'Pensioner Sanchayapatra' (11.76 per cent).
These are the maximum yield rates after savings certificates mature.
The government has set the net borrowing target from savings schemes for the last financial year at Tk 180 billion.
In 2019, the government launched an online system, the National Saving Certificates Online Management System, to manage these savings instruments. Electronic Tax Identification Numbers (eTINs) and national identity cards became mandatory for savers.