This is the largest net withdrawal of savings (withdrawals minus deposits) for the month of May since the beginning of the historical series, in 1995.| Photo: Marcelo Andrade/Archive/Gazeta do Povo.

The Central Bank (BC) reported this Tuesday (6) that Brazilians withdrew R$ 11.75 billion more than they deposited in their savings accounts. This is the largest net withdrawal (withdrawals minus deposits) for the month of May since the beginning of the historical series, in 1995.

The performance contrasts with May of last year, when account holders had deposited BRL 3.51 billion more than they had withdrawn. With the performance of May, savings accumulated a net withdrawal of R$ 69.23 billion in the accumulated result for the year. The application records the largest accumulated withdrawal for the period since 1995. In the first five months of last year, withdrawals exceeded deposits by R$ 46.73 billion.

In 2022, the booklet registered a record net outflow (more withdrawals than deposits) of R$103.24 billion, in a scenario of high inflation and indebtedness. Yields once again gained from inflation due to increases in the Selic rate (the economy’s basic interest rate), but other fixed-income investments remain more attractive than savings.