Greeks banking their money as deposits rise


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According to a Bank of Greece report on Monday, deposits in Greek banks are on the rise for the 3rd consecutive month in July.

The data shows that the growth rate of total deposits remained unchanged at 4.2% from the previous month and the monthly net flow was positive at 946 million euros, compared with a positive net flow of 950 million euros in June 2017, the Bank of Greece reported on Monday.

According to the same report the annual growth rate of total credit extended to the economy in July 2017 remained unchanged at -1.8 % from the previous month and the monthly net flow was negative at 693 million euros, compared with a negative net flow of 1,319 million euros in the previous month, the central bank said.

July was the third consecutive month in which household and business deposits have grown, increasing 927 million euros to reach 121.245 billion euros in total. The largest increase was for business deposits, which increased by 512 million euros.

Deposits in Greek banks fell by more than 40 billion euros between the end of 2014 until capital controls were imposed in July 2015.

GCT Team

This article was researched and written by a GCT team member.