Brasilia – Last year, deposits made in savings accounts in Brazil surpassed withdrawals, generating a liquid result of R$ 71.047 billion (approximately US$ 30 billion, by current exchange rates), a record result in the historic series started in 1995. The information was released this Tuesday (07) by the Brazilian Central Bank (BC). In 2012, the result was of R$ 49.719 billion (US$ 21 billion).
In December 2013, the R$ 11.201 billion (US$ 4.7 billion) result was a monthly record. During the period, deposits reached R$ 148.506 billion (US$ 62.4 billion) and withdrawals totaled R$ 137.304 billion (US$ 57.7 billion). Earnings reached a total of R$ 3.012 billion (US$ 1.3 billion). In the last month of 2012, the result had been of R$ 9.205 billion (US$ 3.9 billion).
At the end of last year, the savings balance reached R$ 597.943 billion (US$ 251.4 billion). Of this total, R$ 466.788 billion (US$ 196.3 billion) are of the Brazilian Savings and Loans System (SBPE) and R$ 131.154 billion (US$ 55.1 billion) represent rural savings.
Savings funds yield 0.5% per month (6.17% per year) plus the Referential Fee (TR). These earnings are that as defined by the government, as long as the benchmark interest rate, called Selic, is greater than 8.5% per year. Currently, the rate is at 10% per year and is expected to continue rising. Financial institutions have forecasted that the Selic reaches the end of 2014 at 10.5% per year.
The savings funds earnings method of calculation was defined by the government in 2012. According to this rule, as long as the Selic is equal to or less than 8.5% per year, the fund yields 70% of the Selic plus the TR.
*Translated by Silvia Lindsey
