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GreeceBusinessGREECE; Household deposits up in October  

GREECE; Household deposits up in October  

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Deposits placed by households and non-profit institutions grew by 456 million euros in October, totaling 132.5 billion euros, with the annual growth rate at 8.8%, the Bank of Greece said on Friday. The central bank, in a monthly report, however, said that Greek banks reduced credit extended 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 -11.0%, compared with -16.7% in the previous month. Deposits placed by the private sector increased by 11 million, compared with an increase of 441 million in the previous month; the annual growth rate decreased to 11.5% from 13.3% in the previous month.

Corporate deposits decreased by 454 million, compared with a decrease of 60 million in the previous month; the annual growth rate increased to 36.1% from 33.2% in the previous month. In particular, deposits from 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 with a decrease of 309 million in the previous month.

In October 2021, deposits placed by households and private non-profit 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 the previous month.

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Τhe monthly net flow of total credit was positive by 1,277 million euros in October 2021, compared with a positive net flow of 2,082 million in the previous month (revised data). In October 2021, the monthly net flow of credit to the general government was positive by 1,319 million, compared with a positive net flow of 1,457 million in the previous month; the annual growth rate decreased to 46.2% from 51.5% in the previous month.

The annual growth rate of credit to the private sector stood at 0.9% compared with 0.8% in the previous month. The monthly net flow of credit was negative by 42 million, compared with a positive net flow of 625 million in the previous month (revised data).

SOURCE; AMNA

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