Lisbon, Aug. 20, 2026 (Lusa) - The amount invested in saving certificates rose again in July, for the 22nd consecutive month, reaching €43.851 billion, a year-on-year increase of 14.7%, according to data released by the Bank of Portugal (BdP) on Thursday.
This is the highest amount invested in savings certificates since the start of the BdP's data series in December 1998, and represents an acceleration compared with the year-on-year growth of 13.9% recorded in June.
In nominal terms, at the end of May this year there was €5.629 billion more invested in savings certificates than in the same month of 2025, and €768 million more than in June.
July was thus the 22nd consecutive month of growth in the total value of savings certificates.
Following strong demand, driven by the rise in Euribor rates, savers began to direct their interest toward other opportunities when, in June last year, the series of certificates on sale (‘Series E') was replaced by ‘Series F', which offered a more competitive interest rate.
Nevertheless, investors returned to this instrument, more than offsetting the divestment from treasury certificates (TCs), which fell in July to €6.532 billion – €28 million less than in June and a year-on-year drop of 24.5% (€2.125 billion).
The amount invested in treasury certificates, now at its lowest level since 1 January 2015, has been falling consecutively since October 2021, when it peaked at €17.865 billion.
According to the latest statistical data from the Treasury and Public Debt Management Agency (IGCP) for June, new treasury certificates amounted to €5 million, whilst redemptions totalled €196 million.
In early July, the government announced the terms for Series 5 Treasury Certificates, which replaced the current Savings Value Treasury Certificates (CTPV).
The interest rate for the first year is 2.35%, rising to 2.45% in the second and third years, to 2.65% in the fourth and fifth years, to 2.75% in the sixth and seventh years, to 2.85% in the eighth and ninth years, and finally to 3.35% in the tenth and final year.
The lowest level of savings certificate holdings was recorded in November 2012, when Portugal was complying with the bailout programme, and the unemployment rate soared, with investment in these securities then totalling €9.7 billion.
The data released today by the Bank of Portugal (BdP) also show that, in May, direct government debt rose by 1.7% year-on-year to €315.255 billion, despite a month-on-month fall of €7.481 billion.
As for other debt instruments, on a year-on-year basis, treasury bonds (OT) remained virtually unchanged at €179.444 billion, whilst treasury bills (BT) rose by 12.6% to €13.633 billion.
JO/ADB // ADB.
Lusa
