The net sale of state-run 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 showed a negative growth of Tk 33.81 billion in June over the matching period of the last year due to the prevailing higher rate of encashment than the investment.
The net sale of saving certificates showed a negative growth of Tk 3.47 billion in July last year.
The substantial positive growth in net sales of national instruments, known as NSAs, also suggested an increase in confidence in these tools in July this year.
The net sales of such instruments in May dropped by Tk 30.94 billion, according to the Bangladesh Bank (BB) data.
Net sales of the government savings instruments saw a dramatic year-on-year decline of more than 309 per cent in the first ten months (July-April) of FY2023-24.
The central bank data 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 sale of savings certificates is 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 the last fiscal year.
The total outstanding exceeded 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.
Professor Raihan, executive director of the South Asian Network on Economic Modelling (Sanem), earlier emphasised the need for the government to adopt policies that are more conducive to investment.
He highlighted that creating an investment-friendly environment is crucial for stimulating economic growth and ensuring long-term development.
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