Budget primary balance confirmed at 495 mln in January
Retail turnover edged up by 0.2 pct in Dec, annual increase at 1.3 pct
Credit contraction unchanged at 0.6 pct in Jan, balance at 153.43 bln
Deposits drop by 2.16 bln in January
Economic sentiment at 113.2 in Feb, strong improvement in services and retail
Primary cash surplus at 132 mln in January
Capital controls trigger big rise in card use and VAT revenues, Bank of Greece data shows
The significant increase in the use of debit and credit cards after the imposition of capital controls in July 2015 is having a positive impact on VAT revenues by improving collectability, the Bank of Greece (BoG) concludes in its interim monetary policy report published last Friday.
In contrast, the recent rise in the VAT rate is having a negative effect on VAT revenues and the BoG suggests the launch of more initiatives to widen further the use of cards as well as the lowering of VAT rates to previous levels.
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