July net investment nearly 5 times FY26 total

Net sales of savings certificates (sanchaypatra) surged to Tk2,059.47 crore in July, the first month of the fiscal 2026-27 – nearly five times the total recorded for the entire previous fiscal year, according to National Savings Directorate data.

The figure represents a sharp rise from the Tk1,293.48 crore recorded in July last year and marks the highest monthly net sale in over four years, trailing only the Tk2,523 crore seen in February 2022. 

Since then, monthly net sales had failed to cross the Tk2,000 crore mark and frequently turned negative.
For context, net sales for all of FY26 totalled just Tk436 crore, while the preceding three fiscal years saw negative net sales, with payouts exceeding new investments.

As of 31 July 2026, the outstanding stock of savings certificates stood at Tk3.36 lakh crore, up from Tk3.34 lakh crore at the end of June.

Net sales represent the amount remaining with the government after repayments of principal and interest on previously issued savings certificates are deducted from new sales. The government uses such borrowing to help finance its budget deficit.

Explaining the sharp rise, Zahid Hossain, former lead economist at the World Bank, said uncertainty in the banking sector had weakened depositor confidence, while the stock market remained in a prolonged downturn.

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“High inflation has also reduced people’s overall savings. Whatever surplus remains is being channelled into savings certificates, which are seen as a safe investment with little risk of loss, the option of early encashment in emergencies and still relatively attractive returns,” he said.

The government typically borrows from the banking system and through savings certificates to finance its budget deficit.

In the FY26 budget, the then interim government had set a borrowing target of Tk12,500 crore from savings certificates. The subsequent BNP government later revised the target down to Tk11,500 crore.

During the fiscal year, gross sales of savings certificates reached Tk92,617.70 crore, while repayments of principal and interest amounted to Tk92,077.50 crore.

For FY27, the government has further lowered its borrowing target from savings certificates to Tk8,500 crore.