From the year until February, the savings account withdrawals already exceed deposits by R $ 34.2 billion. This number is more than twice the one recorded throughout 2024.
Data released on Wednesday (12) by the Central Bank (BC) showed that the savings account registered in February one.
The value – a result of R $ 332 billion in deposits and R $ 340 billion in withdrawals – represents a 109.4% increase compared to February last year, when the sum was R $ 3.8 billion.
The year 2024 closes, for now, the largest sequence of negative movements since 2001.
The scenario is a warning to the real estate sector, which uses savings resources to grant financing.
“Savings are used as a available capital reserve fund. With the decrease of this fund, there is a restriction on the offer of money that is somewhat subsidized – that is, cheaper – to finance the development of construction and the purchase of the property, whether primary or secondary, ”says Fabrício Schveitzer, Sienge Business Counselor, construction industry ecosystem.
“We start to see financial institutions having to make an effort to allocate other types of capital to finance the real estate,” he points out.
The movement takes place in a period of high in the basic interest rate of the country, Selic, which, and should reach.
Ian Lopes, an investment economist, explains that savings loses attractiveness from high interest rates, as titles such as CDBs, LCIs, LCAs and even Treasury Direct itself give greater returns.
“If this money is coming out of savings, it is going to another type of application and can go to another platform. The bank loses custody and revenue as a consequence, ”says Lopes.
“When the construction sector is observed, there is less resource to take credit with lower savings. With less savings, it takes other more expensive financing, ”he concludes.
As a part of the population does not have access to this money – which turns out to be cheaper – and begins to resort to other credits, the scenario unfolds in two consequences, according to Schveitzer.
The first is that of the banks themselves having to allocate treasury money – “more expensive” – which impacts the financial result of the enterprises, as well as the growth of the capital market, investment funds and allocated instruments (FIDC, CRI), which are captured at market value to finance construction.
The other effect that is observed – and that is already present – is from a very dynamic real estate market at the base, but that shows signs of fatigue.
“After all this, we have a decrease in savings resource, so a need for greater entry of financial market or investor markets and, therefore, is more expensive money. This will directly affect the margin of enterprises ”, points out the real estate expert.
