Passbook savings deposits were a record in June

04/07/2002 - 11h27

Brasília, 4 (Agência Brasil - ABr) - Passbook savings deposits were an all-time record in June, reaching R$6.092 billion (US$2.2 billion), up from R$499 million (US$174.4 million) in May. According to the Central Bank, the reason for the spike was a change in the rules governing the yield for investment funds. With the change, investors preferred passbook savings accounts with lower yields, but more security. (AB)