Bank of Greece: total reduction in bank deposits

According to the Bank of Greece regarding deposits of the population and business, citizens have “deeply put their hand in their pockets” due to progressive inflation.

According to the Central Bank, business deposits showed a decline of €912 million in February 2024, compared with a decline of €3.167 million the month before. At the same time, deposits from households and private non-profit organizations showed a fall of €156 million in February 2024, compared with a decline of €2.070 million in the previous month.

In particular, monthly net total deposits were negative by EUR 1,804 million in February 2024, compared to negative EUR 3,702 million in January 2024.

• General government deposits decreased by €737 million in February 2024, compared with an increase of €1.536 million in the previous month, and the annual rate of change decreased to 10.2% from 2.9% in the previous month.
• Private sector deposits showed a decline of €1.068 million in February 2024 compared to a decline of €5.238 million in the previous month, while the annual rate of change increased to 3.0% from 2.7% in the previous month.
• In February 2024 business deposits showed a decline of €912 million compared to a decline of €3.167 million in the previous month, with the annual rate of change rising to 2.4% from 1.6% in the previous month. Specifically, MXE deposits fell by €537 million, compared with a decline of €3.377 million in the previous month. Deposits from insurance companies and other financial institutions fell by €374 million, compared with an increase of €210 million in the previous month.
• Deposits of households and private non-profit organizations showed a decrease of EUR 156 million in February 2024, compared to a decrease of EUR 2,070 million in the previous month, with the annual rate of change remaining unchanged at 3.1% compared to the previous month.

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