Greek bank deposits rise in August for seventh month in a row

Greek bank deposits rose in August for a seventh consecutive month, increasing by 1.33 billion euros ($1.56 billion) central bank data showed on Thursday.

Businesses and household deposits rose to 131.57 billion euros from 130.24 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 last 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 August, deposits by the private sector increased by 1.297 billion, compared with an increase of 841 million in the previous month and the annual growth rate stood at 7.3 percent from 7.4 percent in the previous month,” the Bank of Greece said. [Reuters]