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Brazil savings deposits up 7 bln reais in Oct, lowest since COVID-19

BRASILIA, Nov 6 (Reuters) - Brazilian savings accounts grew by 7 billion reais ($1.3 billion) in October, central bank figures showed on Friday, almost half the previous month’s and the lowest since the COVID-19 pandemic triggered a huge squeeze on consumer spending.

It was the eighth consecutive monthly increase in savings deposits but the smallest of all, and a sharp reduction from May’s record 37.2 billion reais.

Net deposits in the first 10 months of the year stand at 144.2 billion reais, compared with 6.3 billion reais in outflows in the same period last year, central bank figures showed.

$1 = 5.45 reais Reporting by Jamie McGeever; Editing by Dan Grebler