People’s capacity to invest in savings certificates has declined. Many who previously invested are now encashing their certificates and withdrawing funds.

The total value of certificates being encashed now exceeds the value of new purchases. This trend has persisted for several years.

As a result, the government has been unable to raise borrowing through savings certificates for the past four years.

Although savings certificates still offer higher interest rates than fixed deposit receipts (FDRs) and other financial instruments available in the market, investment by the general public has decreased.

One of the main reasons behind this shift is the impact of high inflation, which has reduced people’s disposable income.

Many no longer have sufficient funds to invest in savings certificates, indicating a broader decline in their capacity to save.