BUSINESS

Greek private sector bank deposits rise in July for third month in a row

TAGS: Banking

Greek private sector bank deposits rose in July for the third month in a row, central bank data showed on Monday, but they remain at 14-year lows.

Business and household deposits rose to 121.25 billion euros ($144.72 billion) from 120.42 billion in June, their lowest level since July 2003.

Greek banks have seen small deposit inflows over the space of more than two years after the country clinched a third bailout to stay in the eurozone.

While they remain dependent on central bank borrowing to plug their funding gaps, banks have reduced their exposure.

“In July, deposits of the private sector increased by 927 million euros compared with an increase of 1.09 billion euros in the previous month while the annual growth rate was 4.3 percent from 3.4 percent in the previous month,” the Bank of Greece said. [Reuters]

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