In October, the savings account recorded net withdrawals worth 6.256 billion reais, marking the fourth consecutive month of withdrawals, according to data released this Friday by the Central Bank.
Year to date, savings have recorded a net withdrawal of 17.495 billion reais, with the highest volume recorded in January at 20.149 billion reais. Only the months of March, May and June recorded savings inflows.
Last month, there was a negative balance of 4.647 billion reais in the Brazilian Savings and Loan System (SBPE) and net withdrawals of 1.608 billion reais in rural savings.
The current profitability of the savings account is given by the reference rate (TR) plus a fixed remuneration of 0.5% per month. This formula is valid as long as the Selic rate is above 8.5% per annum: the base interest rate is currently 11.25% per annum.
Source: Terra
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