Withdrawals in savings accounts exceeded deposits by R$ 15.4 billion in March this year, according to data released by the Central Bank on Monday (25).
This is the largest volume of redemptions for the month of March in the BC historical series, which began in January 1995. The previous negative record was recorded in 2015, when there was a net withdrawal of R$ 11.44 billion.
According to the monetary authority, in March, outflows of funds in the modality totaled R$ 327.109 billion, while deposits totaled R$ 311.753 billion.
It is already the third consecutive month with negative funding in 2022.​ In January, a net withdrawal of BRL 19.67 billion was recorded, the largest in history. In February, the net withdrawal was R$ 5.35 billion. As a result, withdrawals exceeded deposits by R$ 40.38 billion in the first quarter of the year. In relation to partial data for April, there was a net outflow of R$ 5.92 billion until the 14th.
With the withdrawal of resources in the month, the balance of savings (ie, the total volume invested) fell, from R$ 1.016 trillion in February to R$ 1.006 trillion in March. In the period, earnings credited to savings accounts totaled R$ 5.32 billion.
The release of the savings report for the month of March was scheduled for April 6, but was postponed by the BC due to the civil servants’ strike, which lasted from April 1 until last Tuesday (19), when it was suspended. for two weeks.
In March 2021, the modality also recorded a negative result (R$ 3.52 billion). In 2020, the inflow of funds in the month was greater than the outflow by R$ 12.17 billion.
The flow of funds in savings began to accumulate significant withdrawals in 2021, when the purchasing power of Brazilians was once again haunted by double-digit inflation.
In March, the IPCA (Broad Consumer Price Index), measured by the IBGE (Brazilian Institute of Geography and Statistics), rose 1.62% in the month and reached 11.30% in the 12-month period. It was the sharpest rise in inflation for March in 28 years.
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 11.75% per year and will continue to rise.
The BC has already signaled that the aggressive monetary tightening has not yet come to an end. On the 3rd and 4th of May, the Copom (Monetary Policy Committee) will meet again and should indicate a further increase of one percentage point, with the Selic reaching the level of 12.75% per year.
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.​
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