Brasília – The Brazilian Central Bank (BC) has reported this Thursday (5th) that Brazilian citizens have withdrawn R$ 8.594 billion (US$ 3.166 billion) in excess of what they have deposited in savings accounts in January. It is the poorest monthly result since the BC started keeping records in 1995.
Last month, savings account withdrawals stood at R$ 144.9 billion (US$ 53.3 billion), outpacing deposits, which reached R$ 136.3 billion (US$ 50.2 billion). The resulting balance was R$ 657.7 billion (US$ 242.3 billion). Savings earnings reached R$ 3.578 billion (US$ 1.318 billion).
As per the regulation currently in effect, whenever the benchmark interest rate (known as Selic) exceeds 8.5% per annum, savings accounts pay 0.5% per month (6.17% per annum) plus the Taxa Referencial (TR, the variable savings benchmark rate). Whenever the benchmark interest rate is equal to or less than 8.5% per annum, savings accounts pay 70% of the Selic rate plus the TR rate. The formula only applies to savings deposits made from May 4th, 2012 onwards.
*Translated by Gabriel Pomerancblum
