Published:  03:16 AM, 29 November 2019

Savings schemes sale drop may affect economy

Savings schemes sale drop may affect economy

The sale of savings schemes has been going down since the beginning of the ongoing fiscal year. It has amounted to only 822 crore taka at the end of October whereas the sale of savings schemes reached 4 thousand 416 crore taka in October 2018.

It shows that the sale of savings schemes has dropped by 3 thousand 594 crore taka within one year. Financial analysts have commented that the decrease in the sale of savings schemes is likely to affect the country's economy.

Savings schemes worth Tk 2 thousand 160 crore were sold in July this fiscal year. It was 2 thousand 205 crore taka in August and 985 crore taka in September.

Executive Director of South Asian Network on Economic Modeling (SANEM) Selim Rayhan told media, "Some hard regulations have been enforced on the purchase of savings schemes.

It has discouraged people who buy savings schemes. It was thought that tougher rules on the purchase of savings schemes would raise the amounts of deposits in banks but it did not happen so."

Selim Rayhan further said that the flow of bank loans to the private sector has decreased whereas defaulted loans have extensively augmented.

Bangladesh Bank's information shows that savings schemes of 5 thousand 512 crore taka were sold from July to October during 2019-2020 fiscal year. It was 17 thousand 828 crore taka during the same period of 2018-2019 fiscal year. It shows that the sale of savings schemes has declined by 12 thousand 316 crore taka.


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