The balance of savings accounts fell in March this year, with more withdrawals than deposits recorded. Withdrawals exceeded deposits by R$ 11.1 billion, according to a report released this Thursday (9) by the Central Bank (BC).
Last month, R$ 369.6 billion was deposited, while withdrawals amounted to R$ 380.7 billion. Interest credited to savings accounts totaled R$ 6.3 billion. The total savings balance is nearly R$ 1 trillion.
In recent years, savings accounts have consistently seen more withdrawals than deposits. In 2023 and 2024, net withdrawals were R$ 87.8 billion and R$ 15.5 billion, respectively. Last year, the negative balance reached R$ 85.6 billion.
In the first quarter of this year, savings accounts have already accumulated R$ 41.2 billion in net withdrawals. One reason for the withdrawals is the high Selic rate – the basic interest rate – which encourages investment in better-performing options.
In its last meeting, the Central Bank’s Monetary Policy Committee (Copom) began reducing the Selic rate, with a 0.25 percentage point cut per year. However, due to tensions caused by the war in the Middle East, the monetary authority does not rule out revising the downward cycle if necessary.
The Selic rate is the BC’s main tool to ensure the 3% target for the Broad National Consumer Price Index (IPCA), the official inflation reference in the country, is met. When Copom raises the basic interest rate, the goal is to curb heated demand, which affects prices as higher interest rates make credit more expensive and encourage savings.
In February, rising prices in transportation and education led to an official inflation rate of 0.7% for the month – an acceleration from January’s 0.33%. However, the 12-month accumulated IPCA fell to 3.81%, below 4% for the first time since May 2024.
March’s inflation, potentially impacted by the war in the Middle East, will be released this Friday (10) by the Brazilian Institute of Geography and Statistics (IBGE).
Source: Agência Brasil.
Original published at O Cafezinho.