Secretary of State for Finance Joao Nuno Méndez ensured this Saturday that “the bank did not receive loans” by cutting the interest rate on savings certificates from 3.5% to 2.5%.
Speaking to reporters, João Nuno Mendez explained that the decision to suspend the Series E savings certificates was not the result of pressure from financial institutions, but rather a change that was being considered by the government debt management agency, IGCP.
“The measures we are taking show that we are demanding and want to present new solutions to our customers,” he stressed. “This is a matter of proper public debt management. We must manage debt financing needs. The management agency has already made a huge effort to meet the extraordinary subscription demand that we had.”
This Friday, the ICGP posted a note on its website explaining that subscriptions to Series E Savings Certificates have been suspended. Following this announcement, the government revealed that the Series F would arrive the following Monday.
The F series savings certificate has a lower interest rate than the previous one – the maximum limit is reduced from 3.5% to 2.5% – but a longer repayment period of 15 years.
Author: morning Post
Source: CM Jornal
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