Savings has record withdrawal for the first half, of R$ 50.5 billion

Withdrawals in savings accounts exceeded deposits by R$ 50.5 billion in the first half of this year, according to data released by the Central Bank this Thursday (7th).

In the first six months of the year, outflows of funds in the modality totaled BRL 1.808 trillion, while deposits totaled BRL 1.758 trillion.

This is the largest volume of redemptions for the period in the BC historical series, which began in January 1995. The previous negative record was in the first half of 2016, when there was a net withdrawal of R$ 42.61 billion.

In 2015, the output registered in the first six months of the year was R$ 38.54 billion. At the time, the Brazilian economy was going through a period of recession under Dilma Rousseff (PT).

The negative funding for the semester surpasses the result of last year as a whole. In 2021, the modality had a net withdrawal of BRL 35.5 billion.

The flow of funds in savings began to accumulate significant withdrawals in 2021, when Brazilian purchasing power fell significantly in the face of double-digit inflation and an intense interest rate shock.

According to the IBGE (Brazilian Institute of Geography and Statistics), the IPCA (Extended National Consumer Price Index) reached 11.73% in the 12-month period up to May. With the entry of data for June, the IPCA-15 (National Index of Extended Consumer Prices 15) started to accumulate a high of 12.04% in 12 months, rising 0.69%.

In addition to the impact of inflation on consumers’ income, savings lose competitiveness against other types of investments with the high level of the basic interest rate (Selic), which currently stands at 13.25% per year.

Savings recorded negative funding in five of the six months of the year, according to data from the monetary authority. May was the only exception. There was a net withdrawal of R$ 3.76 billion in June, when outflows of funds in the modality totaled R$ 312.369 billion, and deposits totaled R$ 38.613 billion.

With the result of June and the income of R$ 6.31 billion credited in the month, the balance of savings (that is, the total volume invested) reached R$ 1.013 trillion, compared to R$ 1.011 trillion in May.

The last release of the savings report had been made in April due to the strike by BC servers, which came to an end last Tuesday (5). As a result, the data for May and June were published by the monetary authority with a lag.

Currently, the savings account yields 0.50% per month (or 6.17% per year), plus the TR (reference rate). The indicator is calculated by the BC based on interest rates on National Treasury Bills and fluctuates daily. The savings rule changed in December of last year with the Selic rising above 8.5% per year.

Amid the escalation of the Selic, the TR, which was null from September 2017 until the end of last year, also rises. When the interest rate is less than or equal to 8.5% per year, the investment is limited to 70% of the rate, plus the TR.