• Monday, Oct 03, 2022
  • Last Update : 10:24 am

Govt probes institutional investors buying savings certificates

  • Published at 06:40 am July 21st, 2017
  • Last updated at 06:44 am July 21st, 2017
Govt probes institutional investors buying savings certificates
The government is investigating why a large number of institutional investors invested a huge amount of money in the savings instruments ignoring relevant law, officials say. The Department of National Savings has estimated that more than 40% investment in the sector was made by 16 institutional investors. A Finance Division official said that a committee was looking into the matter. Figures provided by the Department of National Savings show that sale of savings instruments in the first 11 months of 2016-17 fiscal were more than thrice the government's target for the entire year. Savings certificates worth Tk46,669 crore were sold in the July-May period against the full-year target of Tk19,610 crore. National savings officials said 16 institutional investors invested Tk190 crore and withdrew profits of Tk89 crore. The investors were stopped from withdrawing more funds, the officials added. Finance Minister AMA Muhith, however, said the government would not ask institutional investors to stay away from investing in savings instruments without creating investment opportunities elsewhere. In an informal briefing, Finance Division Senior Secretary Hedayetullah Al Mamoon said interest rates on some savings instruments might be kept attractive to ensure social security of pensioners and the middle- and low-income groups. Currently, there are four savings instruments and their interest rates varies from 11.04% to 11.76%. The Department of National Savings say institutional investors can invest in 13 categories but banks and financial institutions are not allowed to invest in the national savings instruments – only small agriculture firms are allowed to invest in the sector.
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail