Published : 21 Sep 2026, 04:15 PM
Updated : 21 Sep 2026, 04:15 PM
Net sales of savings certificates in July, the first month of fiscal year 2026-27, stood at Tk 20.59 billion, nearly four times the total net sales recorded across the entire previous fiscal year.
This marks the highest net sales for a single month in four years, according to the National Savings Directorate.
The previous high came in February 2022, when net sales stood at Tk 25.23 billion, followed by Tk 18.14 billion in March that year.
No month since then has seen net sales exceed Tk 20 billion, with most months instead registering negative net sales.
The directorate released the updated July sales figures on Sunday.
Net sales refer to the amount remaining in the state coffers after paying out interest and principal to holders of previously sold savings certificates.
The government channels this money into development activities and other state programmes.
An analysis of the data shows net sales stood at Tk 12.93 billion in July last year, while total net sales across the 12 months of FY26 amounted to just Tk 5.40 billion.
Net sales were negative for three consecutive fiscal years before that, meaning the government spent more on servicing interest and principal for previously sold certificates than it earned from fresh sales during those years.
The government's outstanding debt from savings certificates stood at Tk 3.36 trillion as of Jul 31, up from Tk 3.34 trillion at the end of June, according to the directorate.
Asked about the reasons behind the surge in savings certificate sales at the start of the fiscal year, former World Bank Dhaka office Chief Economist Zahid Hussain told bdnews24.com, "People are grappling with a crisis of confidence due to the current turmoil in the banking sector.
"The stock market slump also shows no signs of easing. While high inflation has eroded people's savings, those who still have some money left are choosing savings certificates as a safe investment."
He said, "There's no risk involved with savings certificates, no fear of losing money, and they can be cashed in during emergencies. The rate of return is also still comparatively good. All of this is drawing people towards savings certificates."
To meet its budget deficit, the government typically borrows from the banking system and through savings certificates. The then interim government had set a borrowing target of Tk 125 billion from savings certificates for FY26.
The BNP government later lowered this to Tk 115 billion in the revised budget. Total savings certificate sales that year stood at Tk 926.18 billion, against which the government had to service Tk 920.78 billion in interest and principal, of which Tk 475.10 billion was interest alone.
For FY27, which began on Jul 1, the government has further lowered its borrowing target from savings certificates to Tk 85 billion.
