O central bank (BC) reported this Thursday (4) that Brazilians withdrew R$ 12.66 billion more than they deposited in their savings account in July. This was the largest net withdrawal (withdrawals minus deposits) recorded for the month of July since the beginning of the historical series, in 1995.
With last month’s performance, savings accumulate net withdrawals of R$ 63.15 billion in the first seven months of the year, which represents the largest accumulated withdrawal for the period since the beginning of the historical series, in 1995.
In 2022, the booklet recorded net inflow (more deposits than withdrawals) only in April, when the flow was positive at R$3.51 billion. In the remaining months, withdrawals exceeded deposits, in a scenario of rising inflation and indebtedness, combined with lower yields due to increases in Selic ratewhich make other fixed income investments more attractive.
Until recently, savings accounted for 70% of the Selic rate. Since December of last year, the investment has started to yield the equivalent of the reference rate (TR) plus 6.17% per year, because the Selic has returned to above 8.5% per year. At the moment, base interest is at 13.75% per annum. The increase in interest rates, however, was insufficient to make savings yield more than inflation, causing some investors to flee.
In the 12 months ending in July, the investment yielded 6.2%, according to the Central Bank. In the same period, the National Consumer Price Index-15 (IPCA-15), which works as a preview of official inflation, reached 11.39%. The full IPCA for July will be released on the 9th by the Brazilian Institute of Geography and Statistics (IBGE). With information from Agência Brasil.
