Brazil’s Poupança Logs R$2.86 Billion November Outflow as Interest Lifts Balance

Overview

• The Banco Central reported a fifth consecutive November with net outflows from the retail savings vehicle.
• Despite November’s net withdrawals, accrued returns of R$6.43 billion nudged the total balance up to R$1.010 trillion from R$1.007 trillion in October.
• Withdrawals totaled R$344.6 billion in November, exceeding deposits and resulting in a R$2.86 billion negative monthly balance.
• Poupança returned 0.66% in November, bringing gains to 7.54% in 2025 and 8.16% over the past 12 months.
• Segments tied to housing (SBPE) and rural credit also saw withdrawals outpace deposits in November, according to the central bank.