The amount invested in savings certificates rose again in July, for the 22nd consecutive month, and reached the 43,851 million euros, in an annual growth of 14.7%, according to data released today by Banco de Portugal (BdP).
© Lusa
20/08/2026
by
Jorge Faria de Oliveira
ANDthis is the highest value invested in savings certificates (CA) since the start of the BdP series in December 1998 and represents an acceleration from the annual growth of 13.9% recorded in June.
In nominal terms, there was at the end of May of this year another €5,629 million applied in CA than in the same month of 2025 and another €768 million than in June.
July was thus the 22nd consecutive month of rising overall value in savings certificates.
After strong demand, driven by the rise of Euribor, CAs began to lose the interest of savers when, in June last year, the series of certificates in marketing (‘E series’) was replaced by the ‘F series’, with a lower interest rate.
Even so, investors again opted for this instrument, which more than offset the divestment of treasury certificates (TC), which fell in July to 6.532 million euros, minus 28 million euros than in June and a fall of 24.5% (-2,125 million euros) in homologous terms.
The value invested in CT, now at the lowest value since January 2015, has declined consecutively since October 2021, when it reached a maximum of 17,865 million euros.
According to the statistical data of the Agency for the Management of Treasury and Public Debt — the most recent IGCP, for June, the emissions of new TCs were in that month EUR 5 million, while the exits (rescue) totalled EUR 196 million.
In early July, the government announced the templates for the Series 5 Treasury Certificates, which replaced the current Treasury Certificates Saving Value (CTPV).
The interest rate of the first year is 2.35%, rising to 2.45% in the second and third, to 2.65% in the fourth and fifth, to 2.75% in the sixth and seventh, to 2.85% in the eighth and new and finally to 3.35% in the tenth and last.
The lowest figure in CA was recorded in November 2012, when Portugal was complying with the rescue plan and the unemployment rate went up, thus accounting for €9.7 billion in investment in these securities.
The data released today by the BdP also record that, in May, the direct debt of the State increased by 1.7% on a homologous basis, to EUR 315.255 million, despite the fall of EUR 7,481 million in chain.
In other debt instruments, in homologous terms, treasury bonds (OTs) remained virtually unchanged at EUR 179,444 million, while treasury notes (BTs) advanced to EUR 12.6% to EUR 13,633 million.