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Deposits in Brazil outpace withdrawals for 1st time in 2017

Deposits in Brazil surpassed withdrawals by 292.6 million Brazilian reais in May, according to figures released June 6 by Banco Central do Brasil, after four consecutive months of negative results.

The deposit result is the highest recorded since 2014, when the positive balance was at 2.27 billion reais, the central bank said. The year-to-date figure for 2017 shows withdrawals have outpaced savings by 18.38 billion reais through May, compared to 38.89 billion reais in the same period last year.

Caixa Econômica Federal's deposits, meanwhile, surpassed withdrawals by 1.1 billion reais between April and May.

In a statement, the state-run bank said the result was in line with the downward trend of Brazil's Selic benchmark rate. The bank believes savings are now considered a more attractive investment among Brazilians.

As of June 5, US$1 was equivalent to 3.27 Brazilian reais.