Financial sector remains resilient
Performance of Islamic banking institutions with a 30% increase in assets remained remarkable. PHOTO: FILE
KARACHI:
Under the lead of commercial banks, Pakistan’s entire financial sector continued to perform safe and sound during the challenging times of the Covid-19 pandemic mainly due to their risk-free colossal lending to the cash-strapped government, as the sector’s assets grew by 14% to Rs33.92 trillion during 2020.
The State Bank of Pakistan (SBP) on Wednesday released its Financial Stability Review 2020, according to which the financial system of Pakistan remained resilient during calendar year 2020 - a challenging year marked by the Covid-19 health crisis, which created exceptional uncertainty and contracted economic activity both domestically and internationally.
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