The net sales of state-run savings instruments returned to positive territory in the first half of the current fiscal year 2025-26 with savers showing growing interest in the secured investment tools.
According to the latest Bangladesh Bank (BB) data, net sales of the savings tools stood at Tk 24.61 billion during the July-December period (H1) of this fiscal compared to a negative growth of Tk 22.44 billion in the corresponding period of last fiscal.
Monthly figures during the first half of the current fiscal also saw a gradual upward trend in the sales of the savings instruments.
In December 2025, the net sales amounted to Tk 3.85 billion, reflecting a significant rebound from the negative growth of Tk 39.21 billion net withdrawal in December 2024.
Despite such recovery in net sales, the total outstanding balance of savings certificates declined slightly, according to official figures.
The outstanding balance of savings instruments stood at Tk 3.41 trillion in December 2025, down from nearly Tk 3.48 trillion in the same month a year earlier.
Economists say the rebound suggests a recalibration of household savings behaviour amid evolving interest rate dynamics and macroeconomic conditions.
DrMasrurReaz, Chairman and CEO of Policy Exchange Bangladesh, said the return to positive net sales indicates renewed confidence among retail savers, particularly those seeking risk-free returns during a period of economic uncertainty.
"The government-backed savings tools remain attractive for small and fixed-income savers, especially when inflation expectations are volatile and capital market risks remain elevated," he said. He further said: "The recent improvement suggests that retail investors are gradually rebalancing their portfolios toward safer instruments."
DrReaz, however, noted that the structural tightening of the savings tools regime continued to cap large-scale inflows.
"Going forward, the savings instruments are unlikely to return to the unsustainably high inflows seen in the past. But a stable, moderate level of net sales would support household savings while easing pressure on government domestic borrowing," he said.
The National Savings Certificates Online Management System, introduced in 2019, requires mandatory e-TINs and National ID verification, effectively discouraging institutional and high-value speculative investments.
Analysts also believe the future trajectory of the sales will largely depend on interest rate movements in the banking sector, inflation trends, and the government's broader borrowing strategy.
The sales of savings instruments in the FY'25 saw a deficit of Tk 60.63 billion compared to the massive Tk 211.24 billion in FY24.
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