Deposits rose by 30 billion euros during the pandemic

Deposits continued their upward race in August, with tourism revenues being the driving force behind the rest of households and businesses in banks.

According to the official data of the Bank of Greece, they have now reached 173.64 billion euros, which is a ten-year record.

In the last month of the summer, the domestic deposit base (legal entities and individuals) increased by € 1.5 billion, of which € 1.02 billion came from non-financial corporations, € 110 million from individuals and balances from other categories.

According to a banking source, the explosion of tourism in the two months of July - August, which in terms of revenue approached the levels of 2019, loaded banks with fresh money, largely coming from the expenses of foreign visitors, who are paid in the majority electronic means.

This is an expected development, the same executive claims, after the first estimate of ELSTAT for the growth rates in the third quarter, which exceeded 16.20%.

Now, from the beginning of the year until the end of August, private sector deposits record an increase of 9.92 billion euros compared to 8.75 billion euros in the corresponding period last year.

The rise of the pandemic

On the other hand, after the outbreak of the pandemic, the relative divs have increased by 30.9 billion euros (comparison 8/2021 with 2/2020), recording within 1.5 years a cumulative increase of more than 20%.

Most of this may be due to government transfers, but now the income is included in the equation, which is likely to return to 2019 levels at the end of this year.

It is no coincidence that despite the withdrawal of most support measures for businesses and employees from the State, deposits continue to grow rapidly.

In August, for...