The total volume invested in savings certificates increased by 1.1% compared to the previous month and 12.6% from the same period in 2024.
This trajectory has resulted in the Portuguese state’s debt stock, held in the form of savings certificates, rising to €38,221.45 million, marking the highest value in nearly 27 years since the central bank’s data series began in December 1998.
After totaling €37,817.14 million in June, the stock grew by €404.31 million.
Compared to July of the previous year, this is an increase of €4,280.14 million, with statistics from the Bank of Portugal indicating that the certificate volume was at €33,941.31 million during the same month last year.
This marks the tenth consecutive month in which the overall value of certificates has grown.
From June to July, there has been an acceleration in investors’ interest in these public debt securities.
Following purchases worth €318.96 million, individuals and companies invested €404.31 million in June, still below the May investment of €475.23 million.
June and July are months when many workers receive their holiday subsidies.
Despite the total value continuing to grow month by month, certificates began losing savers’ interest in 2024 when the ‘series E’ certificates in circulation were replaced by ‘series F’, featuring a lower interest rate.
Additional data released by the Bank of Portugal shows that, in the first half of the year (up to June), personal and private company debt increased to €468,800 million, rising by €13,200 million compared to the end of 2024.
For individuals, indebtedness grew by €7,000 million, primarily “due to the financial sector,” accounting for €6,600 million, of which €5,100 million were in housing credit.
