Interest rates increased on savings certificate

The government has increased interest rates on savings instruments by 0.38-1.07 percentage points to 10.8%-12.1%.

This is probably due to reduced sale in savings certificate during the last couple of months, a result of increased interest rates on deposits by commercial banks. Also, recently, the central banks advised the Government to borrow money from the banking system wisely so that pressures on private sector credit availability lessen. 

In the budget, the Government also reduced the advanced tax levied on earning on savings certificates from 10.0% to 5.0%. 

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