Brasília – Withdrawals from savings accounts overcame deposits in BRL 1.303 billion (USD 347 million) in November. It was the 11th consecutive month of net withdrawals of funds and the worst result for a November since the Brazilian Central Bank (BC) started keeping records in January 1995. In November 2014, there were more deposits than withdrawals, with a net inflow of BRL 2.534 billion (USD 675 million). In this year’s 11 months, net withdrawal (with deposits already deducted) totals BRL 58.357 billion (USD 15.55 billion).
Last month, banks’ customers withdrew BRL 166.885 billion (USD 44.47 billion), the largest volume in the series. Deposits reached BRL 165.582 billion (USD 44.12 billion). From January to November, deposits totaled BRL 1.708 trillion (USD 455 billion), and withdrawals, BRL 1.766 trillion (USD 470 billion).
Savings accounts have been losing attractiveness due to the higher benchmark interest rate, which makes other investments more attractive. Another factor is the inflation being higher than savings’ interest rates. Besides, there’s less money to invest due to the increase in prices, indebtedness of families and increase of the unemployment rate. Savings pays 0.5% per month (6.17% per year) plus a variable Reference Rate (TR).
*Translated by Sérgio Kakitani
