Greek bank deposits rise in July for sixth month in a row

Greek bank deposits rose in July for a sixth consecutive month, increasing by 800 million euros  central bank data showed on Tuesday.

Businesses and household deposits rose to 130.24 billion euros from 129.44 billion in June, 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.

Athens exited its latest bailout earlier this month and will rely on bond markets to refinance its debt.

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

“In July, deposits by the private sector increased by 841 million, compared with an increase of 1.358 million in the previous month and the annual growth rate stood at 7.4 percent from 7.5 percent in the previous month,” the Bank of Greece said. [Reuters]