BRASILIA (Reuters) – The savings account registered a net withdrawal of 15.356 billion reais in March, data from the Central Bank showed on Monday, which represents the largest withdrawal for March in the historical series started in 1995.
Of this total, withdrawals exceeded deposits in the Brazilian Savings and Loan System (SBPE) in the amount of 12.597 billion reais. As for rural savings, outflows amounted to 2.759 billion reais.
In February, there had been a net withdrawal of 5.35 billion reais. In the previous month, the BC pointed to a net withdrawal of 19.7 billion reais, the largest redemption ever observed for all months of the historical series started in 1995.
The presentation of the March savings figures, initially scheduled for April 6, was postponed to this Monday due to the strike by Central Bank employees, which impacted the disclosure of data and indicators of the body. The strike was called off last week.
In relation to partial data for April, BC data show that there was a net withdrawal of 5.918 billion reais in the month until the 14th.
The flow of funds in savings showed a reversal in 2021, starting to accumulate significant withdrawals.
Previously, in 2020, a record fundraising of more than 166 billion reais had been recorded, driven by the payment of emergency aid and the low level of the basic interest rate, which increased the competitiveness of savings against other investments.
In 2021, with the withdrawal of emergency aid and the aggressive monetary tightening implemented by the Central Bank, there was a net withdrawal of 35.5 billion reais.
Now, the trend continues. In the first three months of 2022 alone, there was an accumulated net withdrawal of 40.372 billion reais.
With the economy’s basic interest rate above 8.5% per year (the Selic is now at 11.75%), savings deposits returned to a fixed yield of 0.5%, or 6.17% per year, plus of the reference rate (TR), which leaves the remuneration lower than other fixed income investments.
(By Bernardo CaramEdited by Luana Maria Benedito)