With the economic recession, that leaves fewer workers of resources for investment (Beatriz Albuquerque / SEE)
The value of savings withdrawals exceeded deposits in the 5.29 billion reais in September, according to data released on Tuesday by the Central Bank (BC). In the year to last month, the total rescued this application was 53.79 billion reais. In both cases (for the month of September and for the year), are the largest volumes of withdrawals since 1995, when the institution began compiling the available information.
Until then, the worst September for the book had been in 2000. At the time, the result was a negative 1.85 billion reais. The result so far this year is also significant: for the first time since 2003 we see a higher volume of redemptions of the applications in every month of a year from January to September.
With the result of September, the total balance of savings stood at 644.04 billion reais, already including income for the period, amounting to 4.22 billion reais. Deposits in the book amounted to 158.17 billion reais last month, while withdrawals amounted to 163.47 billion reais.
The situation in September was not only worse because at the end of the month, the amount of investments was 4.16 billion higher than the actual withdrawals. By the 29th, the balance of the book was in the red at 9.45 billion reais. Often there is an increase in deposits on the last day of each month on behalf of applications already scheduled by investors with their own banks.
Last January, the result was negative at 5.5 billion reais, and in February, at 6.3 billion reais. In March, redemptions exceeded deposits by 11.4 billion reais and in April, at 5.8 billion reais. In May, the balance was in the red at 3.2 billion reais, and in June, at 6.3 billion reais. In July, the volume of withdrawals was 2.45 billion higher than the actual applications and, in August, at 7.50 billion reais. The negative result of March was the worst for any month in the historical series started in 1995 BC.
New investors - Last Thursday, the BC Supervisory director, Anthero Meirelles, said there is evidence that much of the savings withdrawals seen since the beginning of the year is a group considered as "new investors", they had chosen a book in the past as a form of application at a time of increased profitability of savings.
"The recent withdrawals of savings do not change their view that it is a funding fairly stable," said the director. "The savings deposit is traditionally stable Even when there is migration, savings deposits. - More profitability. - Has historically very stable, even in high-interest time is very stable," he stressed.
Compensation - This flight of savings have occurred, among other reasons, because with the economic downturn, that leaves fewer workers of resources for investment. Also, with a high interest rate scenario and dollar, other investments become more attractive. The remuneration of savings is made up of a fixed rate of 0.5% per month plus the Reference Rate (TR) - this calculation is true for when the basic interest rate (Selic), currently at 14.25% per year is above 8.5% per year.
Because of this sangria in savings seen since the beginning of the year, the real estate sector started to complain of lack of funds for financing of houses and apartments. To minimize this framework, the Central Bank decided in May to release banks to use 22.5 billion reais of savings deposits that are required to maintain the institution for the disbursement of housing and rural finance operations.
(With Estadão Content)
