Home ›› 03 Feb 2023 ›› Front
The net sales of the government’s savings certificate registered a negative growth of Tk 3,106 crore in the first half of the current fiscal year as people withdrew money to adapt to the increased living costs marred by the soaring inflation.
Between July-December of FY23, people encashed their savings worth Tk 43,578 crore against a fresh investment of Tk 40,471, according to national savings department data.
In the last fiscal year 2021-22 (FY22), net sales of national savings certificates (NSC) had decreased by more than half compared to FY21. In FY22, the amount stood at Tk 19,916 crore, which was Tk 41,960 crore in FY21.
To meet the budget deficit, the net sales target of NSC for FY21 was Tk 30,032 crore. The target for FY22 was Tk 32,000 crore, and Tk 35,000 crore for FY23.
Ahsan H Mansur, executive director of Policy Research Institute (PRI) said, “The sale of NSCs has decreased more due to the government’s restrictions than the pressure of inflation. It is good for the government as interest expenses will also come down.”
In the July-December of FY23, the government has spent Tk 23,489 crore for interest payment of savings certificates.
The government has been discouraging investment on savings certificates for the past few years due to high interest payment.
As part of this, the investment limit has been fixed at Tk 1 crore.
