This marks the highest investment in savings certificates (CA) since the Banco de Portugal series began in December 1998, indicating an acceleration compared to the 12.6% year-on-year growth in July.
In nominal terms, at the end of August this year, there were 4.624 billion euros more invested in CA compared to the same month in 2024 and 325 million euros more than in July.
August thus marked the 11th consecutive month of increase in the total value of savings certificates.
After strong demand spurred by rising Euribor rates, interest in CAs started to wane when last June, the marketed certificate series (‘series E’) was replaced by ‘series F’, with a lower interest rate.
Nevertheless, investors returned to this instrument, effectively offsetting disinvestment in treasury certificates (CT), which fell in August to 8.499 billion euros, down 158 million euros from July (-1.8%) and a 16.4% decline (-1.670 billion euros) year-on-year.
The amount invested in CTs, now at its lowest level since March 2016, has been declining consecutively since October 2021 when it peaked at 17.865 billion euros.
According to the statistical data from the Treasury and Public Debt Management Agency — IGCP, new CT issuances amounted to 10 million euros in July, while redemptions totaled 170 million euros.
The lowest CA investment was recorded in November 2012, during Portugal’s bailout plan, and unemployment surged to 9.7 billion euros in these securities.
The data released today by Banco de Portugal also noted that in August, the state’s direct debt increased by 7.0% year-on-year, reaching 312.658 billion euros, and rose by 2.571 billion euros sequentially.
In other debt instruments, year-on-year, treasury bonds (OT) grew by 8.7% to 179.553 billion euros, while treasury bills (BT) advanced 17.9% to 12.103 billion euros.
Sequentially, both the net balance of OT and BT remained stable compared to July.
