Credit contraction marginally decelerated to 3.9 pct in August

EconomyMacroeconomy Tags: Banking, BoG, Loans

Credit contraction in the Greek market marginally decelerated to 3.9 percent year on year (yoy) in August from 4.0 percent in July with balances reaching 221.79 billion euros, according to the Bank of Greece (BoG). Loan balances eased 0.3 percent month on month (m-o-m) for the fifth consecutive month on stable mom net deductions at 823 million in August from 855 million in July. August negative flow mainly reflects corporate and household lending net deductions of 534 and 240 million respectively.

Loans to individuals & private non-profit institutions fell 3.6 percent yoy in August with balances reaching 102.9 billion. Monthly net deductions continued unabated in every month over the past 3.5 years with outflows easing to 240 million in August fr...

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