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[URL unfurl="true"]https://www.newagebd.net/post/Economy/235728/nsc-sales-plunge-amid-high-inflation-in-bangladesh[/URL]NSC sales plunge amid high inflation in BangladeshStaff Correspondent 21 May, 2024, 22:08[ATTACH=full]6038[/ATTACH]A file photo shows clients receiving services at a branch of a state-owned bank in the capital Dhaka. The net sales of national savings certificates plummeted in the July-March period. | New Age photoThe net sales of national savings certificates plummeted in the July-March period.Bankers said that the sales of the instruments plunged, as people were living off their savings amid soaring commodity pricesAccording to Bangladesh Bank data, the net NSC sales were Tk 12,545 crore negative in the July-March period of the financial year 2023-24, compared with a negative Tk 4,161 crore in the same period in the previous year.In March alone, the net sales figure plummeted to a negative Tk 3,653 crore, against negative Tk 652 crore recorded in the same month of the previous year.This negative trend in net sales occurs when the repayment of the principal amount exceeds the sales, leading to a net outflow of funds from the government's exchequer or through loans taken from the banking system.Bankers said that people were living off their savings due to acute and prolonged inflationary pressures in the country.They said that many individuals lacked extra funds for savings and investments due to rising living costs.Bangladesh's overall inflation rate reached 9.74 per cent in April, remaining over 9 per cent since March 2023.To read the rest of the news, please click on the link above.
[URL unfurl="true"]https://www.newagebd.net/post/Economy/235728/nsc-sales-plunge-amid-high-inflation-in-bangladesh[/URL]
NSC sales plunge amid high inflation in Bangladesh
Staff Correspondent 21 May, 2024, 22:08
[ATTACH=full]6038[/ATTACH]
A file photo shows clients receiving services at a branch of a state-owned bank in the capital Dhaka. The net sales of national savings certificates plummeted in the July-March period. | New Age photo
The net sales of national savings certificates plummeted in the July-March period.
Bankers said that the sales of the instruments plunged, as people were living off their savings amid soaring commodity prices
According to Bangladesh Bank data, the net NSC sales were Tk 12,545 crore negative in the July-March period of the financial year 2023-24, compared with a negative Tk 4,161 crore in the same period in the previous year.
In March alone, the net sales figure plummeted to a negative Tk 3,653 crore, against negative Tk 652 crore recorded in the same month of the previous year.
This negative trend in net sales occurs when the repayment of the principal amount exceeds the sales, leading to a net outflow of funds from the government's exchequer or through loans taken from the banking system.
Bankers said that people were living off their savings due to acute and prolonged inflationary pressures in the country.
They said that many individuals lacked extra funds for savings and investments due to rising living costs.
Bangladesh's overall inflation rate reached 9.74 per cent in April, remaining over 9 per cent since March 2023.
To read the rest of the news, please click on the link above.
