The craze of buying Savings Certificates has come to a normal situation now and the government has reduced its borrowing money from this sector. According to Bangladesh Bank data, in September this year, the government has borrowed Tk 3,665 crore from Savings Certificate sector. In the first three months of this fiscal year, this is the lowest amount of Borrowing from this sector. 

According to the Bangladesh Bank statistics, in August, the second month of the current fiscal year FY17-18, Bangladesh Government has borrowed Tk 3,975 crore from Savings Certificate sector. And in July, it took the loan of TK 5,053 crore. According to this statistic, the government has reduced the amount of borrowing from savings certificate in September to 1,388 crores in comparison to July.

Bangladesh Bank Executive Director and Spokesperson Suvankar Saha told the Bangla Tribune, ‘Now the rate of savings certificate selling has come to a normal speed.’

Dr. Zaid Bakht, Researcher of Bangladesh Development Research Institute (BIDS) told the Bangla Tribune, ‘Still, most of the people find the savings certificate as a safe field of investment. However, it is heard that some strictness is being imposed in buying savings certificate which has brought some impact in its’ buying.’ He thinks that the decline in purchasing saving certificates will be positive for the government. It will reduce the burden of higher interest on the government.

Finance Minister Abul Maal Abdul Muhith’s announcement of reducing the interest rate in savings certificate just before the announcement of the Budget of this current fiscal year has affected the general public. Many people at the end of the fiscal year jumped to buy savings certificates thinking that the interest rate may decrease. Even in July, the first month of the current financial year, a record quantity of savings certificates have been sold.

Breaking all past records, in FY 2016-2017, the sale of saving certificates amounted to Tk 75,000 crore. In June, in the last month of the fiscal year 2016-2017, the government took Tk 5,448 crore from the savings certificate sector.

However, in the current fiscal year 2017-18, the target amount of borrowing from the savings certificate sector is 43%. In this fiscal year, the amount of Government's borrowing from this sector is Tk 30,150 crore.

The reason behind increasing interest in buying saving certificates is the low rate of interests of bank deposits. Currently, the interest rate on deposits in the banks is around 4% to 6%. But interest rates for various savings projects are around 11% to 12%.