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Bank deposits surge to all-time high

Bank deposits surge to all-time high Register 14-year high growth rate of 22%, stand at Rs19.8tr at end of FY21 Going forward, average deposits are expected to grow 15% from 2021-23 compared to last 10-year average growth of 13%. PHOTO: FILE KARACHI: Government, private sector and household deposits with banks in Pakistan grew 22% - the fastest pace in 14 years - to touch an all-time high of Rs19.8 trillion in fiscal year ended June 30, 2021 in the wake of a turnaround in the national economy. Bank deposits had stood at Rs16.2 trillion a year ago on June 30, 2020, according to Topline Research. “Acceleration in economic activities directly supports deposit growth as businesses and people earn more,” Arif Habib Limited Head of Research Tahir Abbas said.

Auto financing hits all-time high

Auto financing hits all-time high Consumer appetite to purchase cars financed by banks grows due to low interest rate The demand may continue to ramp up in the wake of offer for car financing to non-resident Pakistanis for their family mem-bers in the country recently. PHOTO: FILE KARACHI: Auto financing by banks hit an all-time high of Rs297.5 billion in Pakistan as consumers’ appetite for owning a vehicle shifted to top gear apparently due to availability of the financing at comparatively low interest rate despite the Covid-19 pandemic related financial risks. The euphoria to own a car soared to a new peak in the backdrop of introduction of new models and brands by new entrants especially in the category of cars of or above 1,000cc engines and jeep (Sports Utility Vehicles/SUVs) segments.

MSCI proposes downgrading PSX to Frontier Markets Index

MSCI proposes downgrading PSX to Frontier Markets Index
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