ISLAMABAD – The total deposits of the banking sector have reached ahistoric high of Rs 14.46 trillion at the end of the fiscal year June FY 19.
According to the data updated by State Bank of Pakistan (SBP), totaldeposits of all banks showed a healthy growth of 10.68 percent or Rs 1.395trillion in FY19 to reach an all-time high level of Rs. 14.46 trillion asof June 30, 2019 compared with Rs 13.062 trillion on June 30, 2018.
The growth in deposits was mostly fuelled in June 2019, mainly due to theamnesty scheme and seasonal targets. On a month-on-month basis, during June2019, deposits grew by Rs. 998 billion or 7 percent to Rs 14.458 trillionup from Rs 13.46 trillion in May 2019.
A portion of the deposits build up stemmed from the Asset DeclarationScheme and registration of Rs 40,000 Prize Bonds, said a report by JSresearch,
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It is estimated that 20 percent of the declared assets (computing to Rs 200billion of assets declared by 28th June) to have been routed throughbanking channels, a sizable portion of funds from the Asset DeclarationScheme are likely to fall in the beginning of July (scheme expired on July3).
However, they said that the sustainability of the deposits stock remainingin the banking system would be in question as it is expected that the AssetDeclaration Scheme funds will largely be withdrawn in the coming months.
