Families withdraw 1,600 million in deposits due to the rise in inflation

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Spanish families reduced in September the deposit volume in banks for the second consecutive month. The cause that is pointed out, according to the Bank of Spain, is the rise in inflation. The balance of these savings is thus placed at 992 billionabout 1,600 million less than a month before, although in year-on-year rate continues to grow 5.5%.

According to data updated this Wednesday by the Bank of Spain, in recent months the trend of households has been to steadily increase bank deposits, as the ceconomic crisis due to the Covid-19 pandemic and households opted for greater prudence in their spending. However, August was a turning point, since in that month there was a withdrawal of deposits of some 3.8 billion euros, which was followed by another in September.

On the contrary, the deposits of the companies that the bank guards continued to grow in September; specifically, they did so by 0.98% compared to August, until reaching 320.9 billion of euros. Compared year-over-year, company deposits grow 6%although throughout the year they have evolved both upwards and downwards, due to the liquidity needs of the moment.

Source: lainformacion.com

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