The investment balance in the savings account fell in October, with more withdrawals than deposits recorded. Outflows exceeded inflows by R$9.7 billion, according to a report released this Friday (7) by the Central Bank (BC).
Last month, R$351.9 billion were invested, against withdrawals of around R$361.6 billion. Income credited to savings accounts totaled R$6.4 billion. The savings balance is just over R$1 trillion.
This is the fourth consecutive month of negative savings results. The first four months of the year also saw withdrawals, followed by the months of May and June with net inflows. In 2025, the book has net redemptions of R$88.1 billion.
In recent years, the passbook has recorded more withdrawals than deposits. In 2023 and 2024, net savings withdrawals were R$87.8 billion and R$15.5 billion, respectively.
Among the reasons for the withdrawals is the maintenance of the Selic – the basic interest rate – on the rise, which encourages investment in better-performing investments. In July, the BC’s Monetary Policy Committee (Copom) interrupted the interest rate increase cycle after seven consecutive increases in the Selic rate and, since then, has been maintaining the rate at 15% per year.
The objective of the monetary authority is to ensure that the inflation target of 3% is achieved. When Copom increases the basic interest rate, the purpose is to contain heated demand; and this has an impact on prices because higher interest rates make credit more expensive and encourage savings.
In 12 months, until September, the Broad National Consumer Price Index (IPCA) – considered the country’s official inflation – accumulated an increase of 5.17%.
