BUSINESS

Greek private sector bank deposits rise in August for fourth month in a row

TAGS: Banking, Economy

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

Business and household deposits rose to 122.6 billion euros ($144.1 billion) from 121.25 billion in June, their lowest level since October 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 euro zone.

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

“In August, deposits of the private sector increased by 1.4 billion euros compared with an increase of 928 million euros in the previous month, while the annual growth rate was 4.3 percent, unchanged from the previous month,” the Bank of Greece said. [Reuters]

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