Pakistan bank deposits grew 22 percent – the fastest in 14 years – to reach an all-time high of Rs19.8 trillion in the fiscal year 2021 with a significant boost from remittances, reported 24NewsHD TV channel on Wednesday.

The investment of banks also increased 29 percent and reached Rs13,700 billion. Another reason for the increase in banking deposits was the international business activities hit due to the Covid-19 pandemic.

According to Topline research report, “Growth in deposits came due to higher worker remittances (which soared 27 percent to a record high of $29.4 billion.”

It is pertinent to note that expatriate Pakistanis send remittances to their family members back home largely through proper banking channels which have been reflected in banking deposits.

 

Reporter Ashraf Khan