BUSINESS

Greek private sector bank deposits rise in October, resume uptrend

TAGS: Economy

Greek private sector bank deposits increased in October, resuming a four-month rise that was paused in September, central bank data showed on Tuesday, with balances remaining at 14-year lows.

Business and household deposits rose to 123.68 billion euros ($147.12 billion) in October from 122.57 billion in September, their lowest level since November 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 in July 2015.

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

“In October, deposits of the private sector increased by 1.03 billion euros, compared with a decrease of 47 million in the previous month, while the annual growth rate stood at 4.6 from 4.3 percent, unchanged from the previous month,” the Bank of Greece said. [Reuters]

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