Lisbob, July 22, 2025 (Lusa) - The amount invested in savings certificates rose again in June, year-on-year, to €37.817 billion, an increase of 11.4%, according to figures released by the Bank of Portugal (BdP) on Tuesday.
This is the highest amount invested in savings certificates since the central bank's series began in December 1998 and represents an acceleration compared to the year-on-year growth of 10.4% in May.
In nominal terms, the savings certificates stock in June rose by €3.857 billion compared to the same month in 2024 and by €319 million month-on-month.
June is the ninth consecutive month in which the overall value of savings certificates has risen.
After strong demand, boosted by the rise in Euribor rates, savings certificates began to lose the interest of savers when, in June last year, the series of certificates on sale (“E series”) was replaced by the “F series”, with a lower interest rate.
Even so, investors once again opted for this instrument, which more than compensated for the disinvestment in treasury certificates, which fell in June to €8.817 billion, down €155 million from May (-1.7%) and a decrease of 14%. % (-€1.508 billion) year-on-year.
The amount invested in treasury certificates, now at its lowest level since March 2016, has fallen consecutively since October 2021, when it reached a maximum of €17.865 billion.
According to statistics from the Treasury and Public Debt Management Agency - IGCP, new treasury certificates issues totalled €7 million in May, while outflows (redemptions) totalled €162 million.
The lowest value in savings certificates was recorded in November 2012, when Portugal was complying with the bailout plan and the unemployment rate skyrocketed, with €9.7 billion invested in these securities at the time.
The data released today by the BdP also shows that in June the state's direct debt increased by 5.48% year-on-year, to €307.482 billion, and rose by €2.316 billion year-on-year.
In other debt instruments, year-on-year, treasury bonds rose 8.3% to €177.680 billion, while treasury bills fell 7.6 % to €10.859 billion.
The net balance of treasury bonds grew by €1.494 billion throughout June, while that of treasury bills rose by €750 million.
PD/ADB // ADB.
Lusa
