Written by The Banking Post
Net sales of state-run savings instruments returned to positive territory in the first half of the current fiscal year 2025–26, signalling renewed interest among savers in secure, government-backed investment options.
Latest Bangladesh Bank data show net sales stood at Tk 24.61 billion during July–December, reversing a net withdrawal of Tk 22.44 billion in the same period of the previous fiscal year. Monthly figures also point to a steady recovery, with sales gradually improving throughout the six months.
In December alone, net sales reached Tk 3.85 billion, a sharp turnaround from a net withdrawal of Tk 39.21 billion in December a year earlier.
Despite the rebound in fresh sales, the total outstanding balance of savings certificates edged down slightly. Official data show the outstanding amount stood at Tk 3.41 trillion in December, compared with nearly Tk 3.48 trillion a year earlier.
Economists said the recovery reflects a shift in household savings behaviour amid changing interest rate dynamics and lingering macroeconomic uncertainty.
“The return to positive net sales indicates renewed confidence among retail savers, particularly those seeking risk-free returns during uncertain times,” said Dr Masrur Reaz, chairman and CEO of Policy Exchange Bangladesh. “Government-backed savings tools remain attractive for small and fixed-income savers when inflation expectations are volatile and capital market risks stay elevated.” He added that recent trends suggest retail investors are gradually rebalancing portfolios towards safer instruments.
However, Dr Reaz cautioned that structural tightening has capped large inflows into the schemes. “Savings instruments are unlikely to see the unsustainably high inflows of the past. A stable, moderate level of net sales would still support household savings while easing pressure on government domestic borrowing,” he said.
The introduction of the National Savings Certificates Online Management System in 2019—requiring mandatory e-TIN and national ID verification—has curtailed institutional and high-value speculative investments, analysts noted.
Looking ahead, market watchers said sales will largely depend on bank interest rates, inflation trends and the government’s overall borrowing strategy. In the previous fiscal year, net sales posted a deficit of Tk 60.63 billion, sharply lower than the Tk 211.24 billion deficit recorded in FY24.
