Government savings instruments have seen a significant increase in net sales during the first two months of the current fiscal year 2023-2024, in contrast to the same period last fiscal year. This surge is primarily attributed to reduced encashment by savers this year. Savers continue to view state-run savings tools as a safer investment option compared to banks and the capital market, bolstering overall sales.
Data from the Department of National Savings (DNS) reveals that net sales of savings schemes reached Tk 56.63 billion in July and August of FY2023-24, compared to just Tk 4.01 billion in the same period in FY2022-23. Gross sales during this period amounted to Tk 149.10 billion, with encashment at Tk 93.48 billion.
The government plans to transition fully to an online platform for savings schemes next year, coinciding with the maturity of all remaining manual schemes. This shift follows the launch of the ‘National Saving Certificates Online Management System’ in 2019. Currently, there are 11 government-owned saving tools in the market, with various yield rates. The government aims to borrow Tk 180 billion from savings schemes in the current financial year.
Source for more details:
