In October,2023, deposits in special accounts for farmers and the hardcore poor in Bangladesh decreased by 3.23% to Tk 5,461 crore, down from Tk 5,643 crore in September. Additionally, school banking account deposits dropped by 1.36% to Tk 2,202 crore in October compared to the previous month.
The high inflation rate, which reached 9.49% in November and has remained over 9% for several months, is cited as the reason for the decline in deposits. People with lower incomes are particularly affected by the high inflation, leading to a continuous decrease in their deposits. Furthermore, the total balance of special accounts for both urban and rural areas decreased. In urban areas, the total balance was Tk 2,514 crore in October, down from Tk 2,613 crore in the previous month, while in rural areas, the balance dropped to Tk 2,947 crore from Tk 3,030 crore.
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