Greece Bank Deposits Rising

The Bank of Greece announced that deposits in the recession-battered country rose in November 2017 by 7%, on an annual basis, up from 6.6% from the previous month. In absolute terms, the net flow was €1.760 billion ($2.11 billion) higher in Greek banks’ vaults, a slower trend from the previous month, when net gains in terms of deposits grew by €3.718 billion, Reuters reported. The BoG press release reads: In November, the annual growth rate of total credit extended to the economy stood at -1.6% from -1.5% in the previous month and the monthly net flow was negative at €214 million, compared with a positive net flow of €540 million in the previous month. The annual growth rate of total deposits stood at 7.0% from 6.6% in the previous month and the monthly net flow was positive at €1,760 million, compared with a positive net flow of €3,718 million in October. In November, the monthly net flow of credit to the general government was negative at €251 million, compared with a positive net flow of €1,153 million in the previous month.