Bank of Greece: Private sector deposits up in July

Greek private sector bank deposits grew by 1.604 billion euros in July, after a 1.766 billion euros increase recorded in June, with the annual growth rate rising to 6.5 pct from 6.0 pct over the same periods, the Bank of Greece said on Wednesday.

In a monthly report, the central bank said that in July 2019, deposits placed by the general government decreased by 3,062 million euros, compared with an increase of 594 million in the previous month and the annual growth rate stood at -14.7 pct from 8.2 pct in the previous month.

In July 2019, corporate deposits increased by 1.043 billion euros, compared with an increase of 689 million in the previous month and the annual growth rate stood at 8.4 pct from 5.3 pct in the previous month. In particular, deposits from non-financial corporations increased by 335 million, against an increase of 869 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries increased by 708 million, compared with a decrease of 180 million in the previous month.

In July 2019, deposits placed by households and private non-profit institutions increased by 561 million, compared with an increase of 1,077 million euros in the previous month; the annual growth rate stood at 6.1 pct, unchanged from the previous month.

In July 2019, the annual growth rate of total credit extended to the domestic economy stood at -0.4 pct from -0.3 pct in the previous month and the monthly net flow was negative at 908 million euros, compared with a negative net flow of 230 million in the previous month. The monthly net flow of credit to the general government was negative at 187 million, compared with a negative net flow of 1,166 million euros in the previous month; the annual growth rate stood at -2.1 pct from -1.0 pct in the previous month.

In July 2019, the annual growth rate of credit to the private sector stood at -0.1 pct from -0.2 pct in the previous month. The monthly net flow of credit to the private sector was negative at 721 million euros, compared with a positive net flow of 936 million euros in the previous month.