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Bank deposits reach all-time high at Rs16.327 trillion

Bank deposits reach all-time high at Rs16.327 trillion

KARACHI: The deposits of banking systems have reached all-time high at Rs16.327 trillion by end of August 30, 2020, according to data released by State Bank of Pakistan (SBP) on Thursday.

The deposits of baking system registered 16.81 percent growth to Rs16.327 trillion by end of August 2020 as compared with Rs13.977 trillion by end of same month last year.

The deposits of the banking system previously witnessed record high in June 2020 when it reached to Rs16.229 trillion.

Banking experts said that after lifting of lockdown in August that was imposed in March 2020 to prevent coronavirus pandemic had encouraged people for the deposits.

The advances of the banking system also increased to Rs8.052 trillion by August 2020 as compared with Rs7.993 trillion in the same month of the last year, showing a nominal growth of 0.74 percent.

On the other hand the advances fell to Rs8.052 trillion by end of August when compared with Rs8.119 trillion by end of July 2020.

The advances of the banking system witnessed decline for the third consecutive month as it was reached record high of Rs8.356 trillion in May 2020.