Sales of govt savings tools drop in July-DecStaff Correspondent
Sales of the national savings certificates and bonds dropped by 9.51 per cent in the first half of this fiscal year compared with that in the same period of the FY 2012-13.
The savings instruments worth Tk 10,458.89 crore were sold through banks, national savings bureaus and post offices in July-December of the FY14 whereas the total sales of NSCs in the same period in the FY13 were Tk 11,558.39 crore.
A DNS official told New Age on Thursday that the net investment in the government savings tools increased significantly in the first six months of the FY14, but the growth would not sustain in the next fiscal year due to the downward trend in NSC sales.
The decreased sales of the national savings certificates and bonds indicate that the savings ability of the general people has declined, he said.
He said the lower and middle income groups of people were now facing financial crisis due to the recent political unrest which has pushed down the gross investment in the government savings tools, he said.
The DNS official said farmers had faced problem in the period in selling their products due to a supply chain disruption amid frequent blockades enforced by the opposition political alliance.
Under the circumstances, farmers counted huge amount of losses in the first half of the FY14 and it hit their savings ability, he said.
The DNS data showed that the net investment in the savings certificates and bonds increased by 2,074.32 per cent in the first six months of the FY14 compared with that in the same period of the FY13 because of a lower premature cashing.
Another DNS official said that the five-year savings tools, which were sold in the FY10, would mature in the next fiscal year.
So premature cashing of the instruments will decrease in the FY14, he said.
The tenure of the majority of tools of the DNS is three years and five years, he said.
The DNS data showed that the net investment in the savings instruments was Tk 3,857.68 crore in July-December of the FY14 while it was Tk 177.42 crore in the same period of the FY13.
The cashing of savings tools by the clients declined by 41.99 per cent in the six months of the FY14 compared with that in the same period of the FY13.
The DNS official said that previously clients had made huge premature cashing of their savings tools, but the trend (premature cashing) decreased significantly in the recent months.
He hoped that the net investment in the savings tools might cross Tk 6,000 crore in the FY14.
The government in the last fiscal year collected only Tk 772.84 crore or 10.44 per cent of its annual target of Tk 7,400 crore in investment in the national savings certificates and bonds.
Against the backdrop, the government set a net investment target of Tk 4,971 crore for the FY14.
The official, however, feared that the net investment would plunge in the coming fiscal year as the sales of saving tools were now witnessing a downward trend.
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