Greek private sector bank deposits stable in October

ATHENS (Reuters) – Greek private sector bank deposits were almost unchanged in October after rising for eight consecutive months, central bank data showed on Friday.

Business and household bank deposits stood at 173.689 billion euros ($195.16 billion) at the end of October, compared to 173.701 billion euros in September, Bank of Greece data showed.

Greek banks have seen deposit inflows increase since the beginning of the year. Lockdowns to stem the spread of the COVID-19 pandemic put a dent in consumer spending but the reopening of the economy earlier this year led to a strong rebound.

The economy grew strongly in the second quarter of the year, beating forecasts, with its annual expansion rate hitting 16.2% as consumer spending and investments picked up.

($1 = 0.8900 euros)

(Reporting by Lefteris Papadimas)