Brazilian savings accounts rise in April for first time this year

  • 5/6/2021
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BRASILIA, May 6 (Reuters) - Brazilian savings accounts rose by 3.84 billion reais ($726 million) in April, central bank figures showed on Thursday, the first monthly net inflow this year following a record drawdown in the first quarter. April marked the start of the government’s renewed cash transfers to the poor to mitigate the effects of a deadly second wave of the COVID-19 pandemic. The net increase in savings accounts in April comes after three consecutive months of decline, the longest run of drawdowns for four years. Brazilians withdrew a net 27.5 billion reais in the Jan-March period, led by a 18.2 billion-reais net withdrawal in January, both records since the central bank’s data series began in 1995. The government’s revived cash transfer program will run through July and total up to 44 billion reais, a fraction of last year’s package. $1 = 5.29 reais Reporting by Jamie McGeever; Editing by Bernadette Baum Our Standards: The Thomson Reuters Trust Principles.

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