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 potentia changes,  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 policy makers tightened borrowing costs to curb inflationary pressures fueled by robust economic activity and a weakened currency.