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Pakistan's Foreign exchange reserves cross 20.5 billion USD mark after 4 years.

Morpheus

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Bank Deposits Recorded Highest Ever Growth During the Past 4 Years

Posted 18 mins ago by Syeda Masooma

Peshawar Police Nabs Three Printing Fake Currency


Bank deposits in Pakistan showed the highest growth in four years, jumping 17 percent to Rs. 17.1 trillion in 2020, stated brokerage house Topline Securities in a report.


This is up from Rs. 14.632 trillion in 2019, posting a growth better than the 10-year average of 13 percent. This is being attributed to higher inflows of remittances from overseas, coupled with lower business activity amid Covid-19 lockdown.
The report said, “Growth in deposits has been fueled by higher remittances (17.5 percent year-on-year in USD and 27.5pc YoY in PKR terms during 11 months of 2020), while lack of business activity due to COVID-19 (cash-based) may have also resulted in an increase in bank deposits.”

M2 growth clocked in at 16 percent in 2020, primarily driven by the stellar deposit growth this year, while a 19 percent increase in Currency in Circulation (CIC) was recorded. CIC increased to Rs. 6.30 trillion by December 2020. The increase in CIC was attributed to tax evasion, among other reasons, by the report.

We expect deposit growth in the range of 12-14 percent during 2021, while we expect advances to grow by around 4-6 percent, where banks are expected to remain risk-averse given concerns over further waves of COVID-19,” the report said.
Advances, on the other hand, grew only by 2 percent in 2020. This falls in line with higher deposits and the causing factors, as banks remained wary of overall economic conditions due to COVID-19. In the last quarter of 2020, some improvement was seen for advances with 3.4 percent quarter-on-quarter growth.

The report said, “The aggressive cuts in interest rates by Pakistan’s central bank since March 2020 may be starting to reap fruits as the impact of COVID-19 pandemic also lowers and economic activity picks up.”

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Syed1.

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Well done IK and team. I expect by 2023 if things keep going this way we will be around $27-30b mark.


Again it is no where near where it should be but better than era of khata hai tu lagata bhi hai era where forex was being burnt to import french water and dutch diapers.
 

xyxmt

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Its was all due to financial policies of Nawaz Sharif, his policies were so far fetched that their effect only shows after an honest govt comes to power.....says Mariam
 

Vapour

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Nothing special , we need to get to 150 Billion Mark by 5th year of Imran Khan's Leadership
20 Billion is no Bench mark may be by 1947 standards it may be a bench mark but by 2020 standards we are just starting
Like the ambition, should be seeking substantial growth.
 

Surya 1

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Very good.
How did happened?

Trade surplus, remittance or loan? Some time ago I was some 9 BN USD.
 

TacOps

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Nothing special , we need to get to 150 Billion Mark by 5th year of Imran Khan's Leadership
20 Billion is no Bench mark may be by 1947 standards it may be a bench mark but by 2020 standards we are just starting
By 5th year? Ungli di, haath kia baazo hi pukar lia!
 

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