Deposits in the special accounts of farmers, hardcore poor and in their social safety net accounts dropped in October amidst high inflationary pressure in Bangladesh.

Bangladesh Bank data showed that the total balance fell 3.23 percent in October from the preceding month to Tk 5,461 crore.

It was Tk 5,643 crore in September.

The deposit balance in school banking accounts was also down 1.36 percent to Tk 2,202 crore in October compared to the previous month, the data showed.

According to central bank officials, people are cutting their deposits as the inflation rate has remained high for several months.

The inflation rate stood at 9.49 percent in November. It has remained at over 9 percent for the last several months, according to the Bangladesh Bureau of Statistics (BBS).

The segment of people having the lowest incomes is mostly feeling the pressure from the high inflation rate, so their deposits have been falling for many months, according to the BB officials.

Moreover, as per the BB data, the total balance of special accounts dropped for both those in urban and rural areas.

For those in urban areas, the total balance stood at Tk 2,514 crore in October, which was Tk 2,613 crore in the previous month.

For those in rural areas, the fund in the special accounts stood at Tk 2,947 crore, down from Tk 3,030 crore a month ago.