The amount invested in savings certificates fell from €10.139bn in June to €9.94bn in July.
Investors withdrew over €198m from Portuguese savings certificates between June and July 2012 bringing total withdrawals for the year to €1.44bn.
According to the Public Credit and Treasury Management Institute (IGCP) the amount invested in savings certificates fell from €10.139bn in June to €9.94bn in July.
€219m were taken out of the system while only €21m were reinvested.
Portuguese savings certificates are indexed to Euribor and pay roughly 1% interest before tax.
With many large domestic companies issuing bonds with a return of 6% to 7%, many investors are ‘voting with their feet’.