Dhaka, Bangladesh (BBN)- Net sale of national savings certificates jumped by nearly 193 per cent during the first eight months of the current fiscal (FY) 2014-15 due mainly to higher yield of the savings instruments, officials said.
The net sale of the certificates rose to BDT 182.83 billion during the July-February of the FY 15 from BDT 62.46 billion in the same period of the previous fiscal, according to official figures.
During FY 15 the government’s net borrowing original target from national savings schemes was BDT 90.56 billion to partly finance its budget deficit.
“Savers practically small ones are encouraging to invest in the risk-free instruments mainly due to higher interest rates on the savings certificates,” a senior government official explained.
He also said the ministry of finance is now working to revise the interest rates of the savings certificates.
Currently, average interest rate on deposit, offered by the commercial banks, is around 8.0 per cent, while the rate for savings instruments is paid on an average 13 per cent, according to the market operators.
BBN/SSR/AD-20Apr15-1:40 pm (BST)