Greek bank deposits rise in June for fifth month in a row

Greek bank deposits rose in June for a fifth consecutive month, increasing by 1.3 billion euros ($1.52 billion), central bank data showed on Wednesday.

Businesses and household deposits rose to 129.43 billion euros from 128.06 billion in May, the Bank of Greece said.

Greek banks have seen deposit inflows over the space of more than two years after the country clinched a third bailout to stay in the euro zone in July 2015.

While they still rely on central bank borrowing to plug their funding gaps, banks have significantly reduced their exposure.

“In June, deposits by the private sector increased by 1.355 billion, compared with an increase of 919 million in the previous month and the annual growth rate stood at 7.5 percent from 7.4 percent in the previous month,” the Bank of Greece said. [Reuters]