Savings have a net withdrawal of R$9.35 billion in August, says BC
Quick Look
- The Brazilian savings account had net withdrawals of R$9.35 billion in September, marking the fourth consecutive month of withdrawals.
- In the year to date, the loss of resources reaches R$66.43 billion.
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Why It Matters
Savings have recorded consecutive annual losses since 2021. Current profitability is made up of the TR plus 0.5% per month, given that the Selic is above 8.5% per year.
The savings account in Brazil recorded net withdrawals of R$9.35 billion in September, showed data from the Central Bank released this Friday (9).
This was the fourth consecutive month of withdrawals after deposits were recorded in May — the only month in the year with net inflows into savings so far.
The application has recorded consecutive annual losses of resources since 2021, with the vast majority of months showing negative results. During the year, savings accumulated net withdrawals of R$66.43 billion until September.
Last month, there was a negative balance of R$6.19 billion in the SBPE (Brazilian Savings and Loan System), while rural savings had net withdrawals of R$3.16 billion.
The current profitability of the savings account is given by the reference rate (TR) plus a fixed remuneration of 0.5% per month. This formula is valid as long as the Selic rate is above 8.5% per year — the basic interest rate is currently 13.75% per year.
Open Questions
- What macroeconomic factors are driving the migration of savings resources?
