The government's net borrowing through public savings tools during the last July-February period more than doubled compared to the target set for the entire fiscal.
Besides, the net investment under the state-run savings instruments in the first eight months has also increased by three times more than that of the corresponding period of last fiscal year (FY).
The net sales of government savings schemes stood at Tk 182.83 billion in the July-February period of fiscal year (FY) 2014-15, against the target of Tk 90.56 billion, set earlier by the finance ministry for the entire fiscal year, Department of National Savings (DNS) data showed.
The net sales of savings certificates were Tk 62.45 billion during the July-February period of FY 2013-14.
Officials indicated that if the selling spree continues, the net borrowing may be three times higher than that of fiscal target. And then government has to pay a big sum of interest to the savers.
The interest payment target for the savings certificates has been fixed at Tk 98.77 billion in this FY.
The government has already paid Tk 61.08 billion as interest during the last eight months compared to Tk 49.38 billion during the same period of last FY, according to DNS data.
The Internal Resources Division (IRD) has already taken steps to change policies including reduction of interest rates of the national savings certificates to keep the sale volume normal, DNS officials said.
A senior DNS official said they have already reported to the IRD about impact of the current upward selling trend to decide its strategy.
He said reduction of interest rates on deposit schemes by commercial banks helped raise overall investment under the state-run savings instruments.
Presently, some banks are offering only about 7.0 to 8.0 per cent interest on their fixed deposit schemes. But DNS is offering up to 13.45 per cent interest, encouraging people to deposit in the savings tools, said officials.
Many savers encashed their savings schemes from banks and purchased savings certificates over the months of this FY following poor rates of interest, said a bank official wishing anonymity.
The official figure showed that the net sale of savings certificates and investment bonds stood at Tk 25.44 billion only in this February, against Tk 12.62 billion in the same month of previous FY.
Different campaigning programmes were taken earlier by the DNS for increasing the sales of savings schemes that also helped such an upward trend.
The net borrowing of savings certificates and investment bonds was set at Tk 117.07 billion during the FY 2013-14 against Tk 7.72 billion in the FY 2012-13.
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