Brazilians withdraw US$1 billion from savings accounts in February

Brazilians deposited a record net R$166.3 billion into savings accounts last year. The COVID-19 pandemic initially hammered spending, then some consumers squirreled away part of the emergency government aid in the second half of the year.

RIO DE JANEIRO, BRAZIL - Brazilian savings accounts shrank by R$5.83 billion (US$1.04 billion) in February, figures showed on Thursday, March 4th, the second month of withdrawals after the end of emergency government cash transfers forced consumers to dip deeper into savings.

It follows a record R$18.2 billion net withdrawal in January and is the first time in just over a year that savings account deposits have fallen two months in a row, central bank data showed.

Brazilians deposited a record net R$166.3 billion into savings accounts last year. The COVID-19 pandemic . . .

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