The government has authorized IGCP to issue savings and treasury certificates in 2024 up to a limit of 7,000 million euros, less than half the total amount revised for 2023.
The limit of 7,000 million euros for savings certificates and treasury bills is laid down in a Council of Ministers resolution published today in the Diário da República on the state’s financing conditions for 2024, the same as the limit set a year ago for 2023.
However, the ceiling was raised over the course of last year, from the initial 7,000 million euros to 16,750 million euros at the end of the year, according to an order published in Diário da República on December 28 amending the debt limits for 2023.
“With a view to meeting the State’s financing needs, this resolution authorizes the Treasury and Public Debt Management Agency – IGCP, E. P. E., to issue public debt in accordance with the limits established in the State Budget for 2024, under the forms of representation provided for by law. E., to issue public debt in accordance with the limits established in the State Budget for 2024, under the forms of representation provided for by law,” can be read in the resolution published today.
The IGCP is also authorized to issue treasury bonds up to a maximum of 19,000 million euros, plus 11,500 million in the form of treasury bills.
The resolution also authorizes the issuance of “other public debt” up to a maximum of 32.5 billion euros, as well as the issuance of “floating public debt” up to a limit of 25 billion euros.
In October 2023, total savings invested in savings certificates increased again, to 34,017 million euros, but the rate of increase slowed down, maintaining the trend that began in June, when the new series (‘serie F’) started, with a lower interest rate, according to data from the Bank of Portugal (BdP).
The 34,017 million euros invested in savings certificates at the end of October was still the highest figure ever in the BdP’s statistical series, which goes back to December 1998.
