The amount invested in savings certificates (CA) has reached its highest level since the series began at the Bank of Portugal (BdP) in December 1998, marking an acceleration compared to the 15.2% year-over-year growth observed in September.
In nominal terms, by the end of October, there was an increase of 5.259 billion euros invested in CA compared to the same month in 2024, and 349 million euros more than in September.
October marked the 13th consecutive month of rising total value in savings certificates.
Following strong demand fueled by rising Euribor rates, interest in CA waned when, in June of last year, the ‘series E’ certificates were replaced by ‘series F’, which offered a lower interest rate.
Nevertheless, investors have returned to favor this instrument, more than offsetting the disinvestment in treasury certificates (CT), which dropped in October to 8.215 billion euros, 146 million euros less than in September, and a decline of 1.796 billion euros year-over-year.
The amount invested in CT is now at its lowest since January 2016, having consecutively decreased since hitting a peak of 17.865 billion euros in October 2021.
The lowest value for CA was recorded in November 2012 when Portugal was under a bailout plan and unemployment rates soared, with 9.677 billion euros invested in these securities at that time.
The data released today by BdP also shows that in October, the direct state debt increased by approximately 6.3% year-over-year to 307.324 billion euros, while it decreased by 11.514 billion euros sequentially.
