Bank deposits in Pakistan hit highest level of history
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The bank deposits in the country have risen to record high after a 15 percent jump during the last month.
According to a State Bank of Pakistan (SBP) report, the deposits in banks have touched the all-time high of Rs22,921 billion.
Sources in the SBP said these deposits were Rs19,914 billion in February 2022.
Earlier in September 2022, the deposits had risen to a record high of Rs22,820 billion.
The finance experts are of the opinion that since the interest rate is 20 per cent, investors are likely to make more profit on their investments.
As a result of the competitive rate of interest, the bank deposits have increased significantly.
High interest rates and uncertain economic conditions have made the banking system a safe haven for investment.
Moreover, the SBP has increased the interest rate by 13 per cent in the last 16 months.
The interest rate policy will mostly affect the government, for the government is getting loans mostly from the commercial banks. The hike in the interest rate will increase payments to banks.
