ECONOMY

Fresh increase in bank deposits in October

fresh-increase-in-bank-deposits-in-october

Households’ and nonprofit institutions’ deposits increased by 456 million euros in October, totaling €132.5 billion, with the annual growth rate at 8.8%, the Bank of Greece said on Friday.

A monthly report by the central bank however said that Greek banks reduced credit extended to the domestic economy.

More specifically, the monthly net flow of total deposits was positive by €430 million, compared with a positive net flow of €207 million in September 2021. In October 2021, deposits placed by the general government increased by €419 million, compared with a decrease of €234 million in the previous month; the annual growth rate stood at -11%, compared with -16.7% in the previous month.

Deposits placed by the private sector increased by €11 million, compared with September’s increase of €441 million; the annual growth rate decreased to 11.5% from 13.3% in the previous month.

Corporate deposits decreased by €454 million, against a decrease of €60 million in September; the annual growth rate increased to 36.1% from September’s 33.2%. In particular, deposits from non-financial corporations (NFCs) decreased by €563 million, against an increase of €249 million in the previous month.

Deposits placed by insurance corporations and other financial intermediaries increased by €109 million, compared to a decrease of €309 million in September.

In October, deposits placed by households and private nonprofit institutions increased by €465 million, compared with an increase of €501 million in the previous month; the annual growth rate decreased to 8.8% from 9.9% in September.

Τhe monthly net flow of total credit was positive by €1.277 billion in October, compared with a revised positive net flow of 2.082 billion in September.