BRASILIA, Jan 8 (Reuters) - Brazilians in 2024 withdrew more from savings accounts than they deposited for a fourth straight year, although the outflow fell significantly, central bank data showed on Wednesday.

Net withdrawals of 15.5 billion reais ($2.5 billion) were down from 87.8 billion reais in 2023, 103.2 billion in 2022, and 35.5 billion in 2021.

In December, traditionally a positive month for savings, a net inflow of 4.9 billion reais was the smallest December inflow since 2015.

Savings accounts serve as a key funding source for real estate credit in Brazil, and the central bank has long been exploring potential changes , opens new tab to their remuneration as typically during periods of higher interest rates other fixed-income investments become more attractive, driving withdrawals.

Brazil's benchmark interest rate ended 2024 at 12.25%, up from 11.75% at the start of the year, as policymakers tightened borrowing costs to curb inflationary pressures fueled by robust economic activity and a weakened currency.

($1 = 6.1291 reais)

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https://www.reuters.com/world/americas/brazils-savings-withdrawals-outpace-deposits-fourth-straight-year-2025-01-08/