Bank of Greece: Private sector deposits up in July

Deposits placed by households and private non-profit institutions increased by 788 million in July, compared with an increase of 542 million in the previous month; the annual growth stood at 9.8 pct from 9.7 pct in the previous month, the Bank of Greece said on Thursday.

The central bank, in a monthly report, said that deposits placed by the private sector increased by 1,841 million euros in July, compared with an increase of 1,619 million in the previous month, with the annual growth rate falling to 13.2 pct from 14.5 pct in June.

Deposits placed by the general government decreased by 730 million, compared with an increase of 759 million in the previous month; the annual growth rate stood at -19.2 pct compared with -14.2 pct in the previous month. The annual growth rate of total deposits stood at 11.0 pct compared with 12.5 pct in the previous month.

In July 2021, corporate deposits increased by 1,053 million, compared with an increase of 1,077 million in the previous month; the annual growth rate increased to 24.8 pct from 19.3 pct in the previous month. In particular, deposits from NFCs increased by 560 million, against an increase of 1,278 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries increased by 493 million, compared with a decrease of 201 million in the previous month.

The monthly net flow of credit to the general government in July 2021 was positive by 1,219 million euros, compared with a positive net flow of 1,150 million euros in the previous month; the annual growth rate decreased to 55.5 pct from 60.1 pct in the previous month.

In the same month, the annual growth rate of credit to the private sector decreased to 1.2% compared with 2.3% in the previous month. The monthly net flow of credit was negative by € 532 million, compared with a positive net flow of € 517 million in the previous month.

Also in July, the monthly net flow of credit to individuals and private non-profit institutions was negative by € 144 million, compared with a positive net flow of € 13 million in the previous month; the annual growth rate remained at -2.5% unchanged from the previous month.