BUSINESS

Private sector deposits edge upward in March

TAGS: Economy, Banking

Greek private sector bank deposits rose slightly in March after declining in the previous three months, central bank data showed on Friday.

Business and household deposits rose to 119.31 billion euros, from 119.07 billion in February, their lowest level since November 2001.

Greek banks have seen small deposit inflows in more than a year after the country clinched a third bailout to stay in the eurozone.

They remain dependent on central bank borrowing to plug their funding gaps.

“In March, deposits of the domestic private sector increased by 278 million euros, compared with a decrease of 750 million in the previous month, and the annual growth rate stood at 3.1 percent from 2.9 percent in the previous month,” the Bank of Greece said.

[Reuters]

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