Tax tranche puts de­posit rise to the test

Kathimerini English - - Focus - EVGENIA TZORTZI

The last three days of July, right up un­til mid­night on Mon­day, will put the growth trend ob­served in bank de­posits to a ma­jor test. The 1-bil­lion-euro rise recorded in June has been aug­mented this month ac­cord­ing to banks, but of­fi­cials say Mon­day is the key day, be­ing the deadline for the first tranche of in­come tax.

The pay­ments to be made via al­ter­na­tive net­works to­day, to­mor­row and on Mon­day, and mainly those made at bank branches on Mon­day are likely to see much of the growth reg­is­tered in the last cou­ple of months evap­o­rate.

The rise in de­posits is partly at­trib­uted to the in­crease in tourism flows, even though some 25-30 per­cent of to­tal tourism rev­enues never en­ter the coun­try’s sys­tem as they re­main in banks abroad. The in­crease in con­sump­tion and turnover has been clearly re­flected in de­posit data since June, point­ing to a reversal of the de­clin­ing trend ob­served in the first quar­ter of the year.

Bank of Greece fig­ures show that house­hold and cor­po­rate de­posits in banks amounted to 120.4 bil­lion eu­ros at end-June, against 119.4 bil­lion at end-May and 118.9 bil­lion at end-April. They have there­fore cov­ered most of the ground lost in Q1, as at end-De­cem­ber de­posits had amounted to 121.4 bil­lion eu­ros.

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