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Brazil's savings deposits outpace withdrawals for 5th month in a row

Deposits in Brazil surpassed withdrawals in September by 3.65 billion Brazilian reais, marking the fifth consecutive month with this positive trend, Banco Central do Brasil said in a report published Oct. 5.

The net deposit amount is the highest recorded for the month of September since 2013, when the positive balance was at 6.70 billion reais, Diário Comércio Indústria & Serviços reported.

In 2015 and 2016, the economic crisis led families to withdraw more than they deposited, but this year has seen a reversal of the trend since May with deposits surpassing withdrawals for the past five months, according to the central bank.

Through September, the year-to-date total of withdrawals outpaced savings by 4.16 billion reais, according to the central bank data, which noted that in 2016, withdrawals were higher than deposits by some 40.70 billion reais for the year.

As of Oct. 4, US$1 was equivalent to 3.13 Brazilian reais.