Brasília – Brazilian people are turning to savings accounts again amid the novel coronavirus pandemic. Last month saw deposits exceed withdrawals by BRL 37.2 billion, the Brazilian Central Bank reported this Thursday (4). In contrast, in May 2019 there were BRL 718.7 million in net withdrawals.
Last month’s result was the highest of any month since record-taking began in 1995. Net savings deposits hit BRL 63.9 billion year-to-date through May, fueled by a major stock exchange downturn and instability surrounding other types of investment, Treasury bonds included.
After a net BRL 15.93 billion withdrawn in January and February, the onset of Covid-19 caused a shift, with deposits exceeding withdrawals by BRL 12.17 billion in March and by BRL 30.46 billion in April.
Translated by Gabriel Pomerancblum
