Portuguese invest €88M in savings bonds
Despite record debt levels among the Portuguese public and companies, investments in government bonds rose again in October by €88 million.
It was the ninth month on-the-trot that bond investments grew according to data from the Bank of Portugal.
Both treasury bonds and national savings certificates saw an increase in subscriptions in October, but bonds continued to see the most demand.
Investments in bonds increased by €72 million in October, bringing the year’s total so far – €1.7Bn million. Savings bonds totalled €1.2Bn, meaning an increase of €16 million on the previous month.
All told, the Portuguese applied their savings in State savings products to the tune of €2.9Bn million, the highest amount ever. Since the start of the year, savings totalled €559 million, of which almost €169 million refer to treasury bonds and €390 million on national savings bonds.
In the State Budget for 2021, the Government reckons on a balance of €973 million from treasury certificates.
In the State Budget for 2020, the Government said it expected just €149 million invested in products sold through banks, despite stressing that the economic circumstances foresaw prudent reinvestment.
For 2021, the Government points to a balance of €973 million from treasury bonds, having excluded financial applications through Variable Rate Treasury Bonds.