Govt sells Tk 73.52bn of savings certificates in July

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PV Desk : The Bangladesh government has sold Tk 73.52 billion in savings certificates in the first month of the new fiscal year, a 49 percent increase over the same period last year.
However, savings certificate sales in July dropped 2 percent from June, the last month of FY2016-17.
The government had previously announced it would decrease the interest rate on savings certificates from the start of the new fiscal year. But, despite repeated assurances from Finance Minister AMA Muhith, the reduced rate has yet to take effect.
According to the National Saving Certificates Department, the government spent approximately Tk 2.29 billion of the earnings to make payments on previous savings certificates in July, leading to net sales of Tk 5.35 billion.
Net sales are calculated by deducting payments on previously sold savings certificates from the income from new sales. This money is deposited in the treasury and used to finance state programs and activities.
Savings certificates are considered a form of loan for the government because it has to pay monthly interest to savings certificate holders.

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