Asset base of financial sector expands 14 % despite COVID-19: SBP
July 8, 2021
The Financial Stability Review (FSR) for CY20 issued by State Bank of Pakistan (SBP) on Wednesday indicated mild impacts of COVID-19 on the national economy while the financial system with over 14 percent expansion in asset base-exhibited resilience in a challenging environment.
The FSR highlights that Calendar Year 2020 was a challenging year for the financial sector as COVID-19 pandemic triggered deepest global recession since the Great Depression but in case of Pakistan, impact of coronavirus waves has been relatively mild as the output loss of 0.47 percent for FY20 was one of the lowest among Emerging Market and Developing Economies.