One in six euros in bank deposits is ‘new money’


TAGS: Banking

More than 20 billion euros, out of a total of 123 billion in deposits at Greek banks, are now considered to be "new money," some three months after the easing of capital controls.

This new money is not affected by cash withdrawal limits, which today amount to 840 euros per couple of weeks.

These so-called "free deposits" comprise about 5 billion euros in money that has been returned from abroad while the remaining 15 billion is from cash paid into the accounts, which is classified as "new money", although it mostly constitutes cash that had been withdrawn in the runup to the capital controls.