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Greece’s private sector deposits down in November

Deposits placed by the private sector decreased by 591 million euros in November 2022, compared with a decrease of 550 million in the previous month and the annual growth rate decreased to 4.5% from 5.9% in the previous month, the Bank of Greece said on Thursday.

The central bank, in a monthly report, said that in November 2022, the monthly net flow of total deposits was negative by 694 million, compared with a negative net flow of 872 million in October 2022.

Deposits placed by the general government decreased by 104 million euros, compared with a decrease of 322 million in the previous month; the annual growth rate stood at -4.3%, compared with -4.9% in the previous month.

Corporate deposits decreased by 182 million euros, compared with a decrease of 671 million in the previous month; the annual growth rate decreased to 5.4% from 11.1% in the previous month. Deposits placed by households and private non-profit institutions decreased by 409 million, compared with an increase of 121 million in the previous month; the annual growth rate remained almost unchanged at 4.2% from 4.3% in the previous month.

Credit flows

Τhe monthly net flow of total credit was positive by 1,188 million euros in November 2022, compared with a negative net flow of 639 million in the previous month.

In November 2022, the monthly net flow of credit to the general government was positive by 1,107 million, compared with a positive net flow of 259 million in the previous month; the annual growth rate decreased to 7.4% from 7.6% in the previous month.

The annual growth rate of credit to the private sector decreased to 5.0% from 5.3% in the previous month. The monthly net flow of credit to corporations was positive by 44 million, compared with a negative net flow of 665 million in the previous month; the annual growth rate decreased to 10.4% from 11.3% in the previous month.

The monthly net flow of credit to individuals and private non-profit institutions was positive by 44 million, compared with a negative net flow of 153 million in the previous month; the annual growth rate stood at -2.1% compared to -2.3% in the previous month.

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