Central Bank evaluates to change savings income calculation

The central bank is studying changing the remuneration of savings accounts, say market sources interviewed by CNN economic analyst Priscila Yazbek.

The Central Bank is studying changing the rule for correction of savings accounts, said this Wednesday (2) the institution’s president, Roberto Campos Neto, at an event in the real estate sector.

He did not give details on how the rule would be changed, but the idea is to bring savings closer to the interest on real estate financing.

BC staff told CNN it will not comment on the matter for now.

The change is an old demand from real estate players, whose main source of funds comes from savings.

For representatives of the sector, the ideal would be to approximate the index that corrects, at one end, sector loans with investment in passbooks, at the other end.

Real estate sources interviewed by CNN economic analyst Priscila Yazbek, say that one of the possibilities mentioned by Campos Neto himself would be to correct savings by the IPCA – official inflation index.

This change, according to this information, is in the embryonic stage, and many changes would be needed for these new rules, which would also depend on public consultations.

It is worth remembering that, today, when the Selic rate – the economy’s basic rate is at or below 8.5% per year, Savings yields 70% of the Selic rate plus the TR variation, which is currently zeroed.

When the Selic exceeds 8.5%, it returns to yield according to the old rule: 0.5% per month plus TR.

Next week, the Copom meets to decide on the future of the Selic, which should rise to 9.25% per year, according to average market expectations. With that, the old savings’ remuneration rule would be triggered once again.

*With information from Priscila Yazbek