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Brazilian Savings Accounts See Net Withdrawal of Over R$ 10 Billion in August

evening · · thread: Brazil's Federal Revenue Hits New Records in First Semester and June

2 sources · Brazil

Who reported this

  • CNN Brasil Brazil · Centre · Rubens Menin (MRV)
  • Folha de S.Paulo Brazil · Centre · Grupo Folha (Frias family)

What the colours mean

  • Left
  • Centre-left
  • Centre
  • Centre-right
  • Right
  • A hatched block means the outlet is affiliated with, or controlled by, a state.

Political lean describes where an outlet sits within the politics of its own country. It is never a position on a single global scale.

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The owner of each outlet is listed as a matter of record, not as a judgement about the outlet.

Every source for this story reports from Brazil.

Every outlet covering this story shares the same political lean; read with that in mind.

Brazilian savings accounts recorded net withdrawals of approximately R$ 10.6 billion in August, according to data released by the Central Bank on Thursday. Specifically, deposits totaled R$ 357.6 billion while withdrawals reached R$ 368.2 billion. This marks the third consecutive month of net outflows. May was the only month this year to record more deposits than withdrawals.

For the year to date through August, savings accounts have seen total net withdrawals of between R$ 57.08 billion and R$ 57.1 billion. The Central Bank reported that the yield for savings accounts in August was R$ 6.5 billion. Current returns are determined by the reference rate plus a fixed monthly remuneration of 0.5 percent, a formula that applies while the Selic rate remains above 8.5 percent per year. The basic interest rate is currently 14 percent per year.

Breakdowns of the August data show a negative balance of R$ 9.51 billion in the Brazilian Savings and Loan System (SBPE), which represents the largest volume of exits since March. Rural savings also saw net withdrawals of R$ 1.06 billion during the month.

How each side framed it

Centre
Both outlets presented the data neutrally, focusing on the statistical decline of savings account balances without adding political commentary.

Sources

100% of the statements in this article were traced back to the source articles listed above.