Pakistan’s Banking sector witnessed a robust growth in the Deposits Base in the month of October-2020 as the total deposits held by commercial banks reached PKR 16.66 trillion by the end of October 2020, marking a growth of 20% YoY .
For the year 2020 , deposits have shown growth of 14% since January, which is the highest growth rate in last thirteen years.
The growth in commercial banks’ deposits is attributed to increase in money supply by roughly 17% as compared to last year and increase in bank deposits from Retail Individuals, which amount to nearly 14% of total deposits.
Fresh deposits increased by 38%YoY to Rs 10.94 trillion. On the other hand, the demand for fresh disbursements remained low despite lower interest rates as Loans by commercial banks by the end of October 2020 broadly remained unchanged at Rs 8 trillion.
The growth in Pakistan’s banking sector is likely to settle up to 20% for 2020 which will be the highest growth since past man years.
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