Savings accounts close 2023 with a net withdrawal of R$ 87,8 billion.
The recurring withdrawals from savings accounts last year occurred in a context of still high interest rates.
(Reuters)- Savings accounts received a net deposit of 13,772 billion reais in December, but ended 2023 with a withdrawal of 87,819 billion reais, according to figures from the Central Bank updated this Monday (8).
Last year only had two months with net inflows -- besides December, only June had deposits. But even so, total withdrawals in 2023 were below the record redemption registered in 2022, of 103,237 billion reais.
The recurring withdrawals from savings accounts last year occurred in a scenario of still high interest rates, which reduce the competitiveness of savings accounts. Although the Central Bank has begun a cycle of cuts that has already reduced the Selic rate by 2,0 percentage points, to 11,75%, the rate remains at a level very favorable to other investments in the fixed income market.
Last year, the Brazilian Savings and Loan System (SBPE) recorded a net withdrawal of 72,394 billion reais, while rural savings accumulated a withdrawal of 15,425 billion reais.
In December alone, deposits totaled 10,524 billion reais into the Brazilian Savings and Loan System (SBPE), while rural savings registered an inflow of 3,248 billion reais.