Brasília – Savings account withdrawals exceeded deposits for the ninth consecutive month in September. Net withdrawals (total minus deposits) stood at BRL 2.351 billion (USD 730 million) informed this Thursday (6) the Brazilian Central Bank (BC). There wasn’t a month this year that had deposits surpassing withdrawals.
Total withdrawals reached BRL 149 billion (USD 46.26 billion) in September and BRL 1.465 trillion (USD 454 billion) from January to September of this year, surpassing deposits, which stood at BRL 146.272 billion (USD 45.41 billion) and BRL 1.415 trillion (USD 439 billion), respectively. Earnings paid to saving accounts totaled BRL 4.215 billion (USD 1.308 billion) last month, with saving accounts holding a total of BRL 642.990 billion (USD 199.64 billion).
With interest rates and inflation going up, other investments became more attractive. Besides, due to the economic crisis and high unemployment rates, Brazilians have less money available to invest in their savings accounts and need to withdraw more funds to pay their debts.
*Translated by Sérgio Kakitani
