Central Bank alert about EMPTYING of savings affects Caixa and BB: R$87 billion involved!

What can explain the emptying of savings at Caixa Econômica Federal and Banco do Brasil? Find out everything about the loss of more than R$87 billion.

In the Brazilian financial scenario, an alert issued by the Central Bank last year revealed a worrying situation: the significant drain of savings, affecting important financial institutions such as Banco do Brasil and Caixa Econômica Federal.

This phenomenon, which involves billions of reais, brings to light discussions about trust in savings as a form of investment and the financial behavior of Brazilians. Check out more details below!

Central Bank alert about EMPTYING of savings affects Caixa and BB: R$87 billion involved! Credit: plasticaxe.

How does savings work?

Before we explore the Central Bank’s warning, it is important to understand what a savings account is and how it works.

Savings is one of the most traditional and popular ways of saving and investing money in Brazil, particularly among investors who are unfamiliar with the financial world.

It basically works like a bank account where deposits earn interest over time, being considered a low-risk and easy liquidity option.

Draining of savings causes a loss of R$87 billion

According to the Central Bank report, in October last year, there was a record net withdrawal of R$12.157 billion from savings, surpassing the previous value of R$11.006 billion.

In total, R$321.792 billion were invested, while R$334.130 billion were withdrawn, resulting in a passbook that totaled R$961.763 billion at the end of October.

The most alarming thing is that, in 2023, the savings account lost around R$87 billion, a situation that reflects a possible decline in Brazilians’ confidence in this type of investment.

The reason for the emptying of savings

Economist Fernando Scofano points to the maintenance of the basic interest rate and the Selic, which was on the rise, as one of the reasons for the savings withdrawals.

With limited savings income, many Brazilians chose to withdraw money to pay bills or debts. Others looked for investment options with better returns, such as Tesouro Direto.

The emptying of savings is particularly worrying for banks such as Caixa and Banco do Brasil. These institutions play a vital role in the country’s economy, and a significant reduction in savings deposits could impact their operations and ability to offer credit and other financial services.

Central Bank offers benefit to Brazilians

Faced with this situation, the Central Bank acts as a regulator and monitor of the financial system. In addition, it offers the SVR service, which allows individuals, companies or heirs of deceased people to check whether they have forgotten values ​​in banks, financial institutions or consortiums.

This service helps ensure that Brazilians can recover any unclaimed amounts. Check out more information at https://www.bcb.gov.br/meubc/valores-a-receber.

A warning for the future of finance

The Central Bank’s warning about the emptying of savings is a clear sign of the need to rethink investment and savings strategies in Brazil. For banks, it is a call to review their offers and interest rates to maintain the attractiveness of savings.

For citizens, it is a reminder of the importance of managing their finances wisely and exploring different investment options.

As the economy continues to evolve, the way we handle our savings and investments must also adapt to new realities.

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