Central bank reports increase in deposits in Greek banks in Aug. 2023

Deposits placed by households and private non-profit institutions in Greece increased by 439 million euros in August 2023, after an increase of 163 million euros the previous month, with the annual growth rate reaching 3.3 percent, slightly up from 3.4 percent in July 2023, the Bank of Greece (BoG) announced on Wednesday.

The central bank, in a monthly report, said the monthly net flow of total deposits in August 2023 was positive by 408 million euros, compared with a negative net flow of 159 million euros in July 2023.

Deposits placed by the general government increased by 218 million euros, compared with a decrease of 23 million euros in the previous month; the annual growth rate stood at -5.4 percent compared with -2.3 percent in the previous month. Deposits placed by the private sector increased by 190 million euros, compared with a decrease of 136 million euros in the previous month; the annual growth rate stood at 3.2 percent from 3.1 percent in the previous month. Corporate deposits decreased by 249 million euros, compared with a decrease of 299 million euros in the previous month; the annual growth rate increased to 2.6 percent compared to 2.3 percent in the previous month. In particular, deposits from NFCs decreased by 206 million euros, against a decrease of 380 million euros in the previous month. Deposits placed by insurance corporations and other financial intermediaries decreased by 43 million euros, compared with an increase of 81 million euros in the previous month.

A monthly net flow of total credit was negative by 566 million euros in August 2023, compared with a negative net flow of 1,157 million euros in the previous month. In August 2023, the monthly net flow of credit to the general government was negative by 165 million euros, compared with a positive net flow of 193 million euros in the previous month; the annual growth rate increased to 1.6 percent compared with -0.4 percent in the previous month. The annual growth rate of credit to the private sector decreased to 0.9 percent from 1.2 percent in the previous month. The monthly net flow of credit was negative by 401 million euros, compared with a negative net flow of 1,350 million euros in the previous month.

The monthly net flow of credit to corporations was negative by 319 million euros, compared with a negative net flow of 1,175 million euros in the previous month; the annual growth rate decreased to 3.0 percent from 3.7 percent in the previous month.
In August 2023, the monthly net flow of credit to individuals and private non-profit institutions was negative by 67 million euros, compared with a negative net flow of 74 million euros in the previous month; the annual growth rate stood at -2.4 percent compared with -2.6 percent in the previous month.