Banking deposits decline to Rs13.057 trillion by January 2019

KARACHI: The deposits of banking system has declined by 2.22 percent to Rs13.057 trillion by end of January 2019 as compared with Rs13.35 trillion as of December 31, 2018.
According to data released by State Bank of Pakistan (SBP) on Monday, the deposits, however, increased in January 2019 by 8.8 percent when compared with Rs12 trillion in January 2018.
The deposits of scheduled bank hit record high of Rs13.35 trillion in December 2018. Banking sources said that the financial institutions ensured maximum deposits by year end as banks’ calendar year runs through January to December.
They said that usually people take out their deposits from banks in the first month of every year.
The advances of the banking system surged by 19.58 percent to Rs7.84 trillion by January 2019 when compared with loans to the tune of Rs6.556 trillion by the same month a year ago.
The stock of investment of banking system, however, fell sharply to Rs5.223 till January 2019 trillion when compared with Rs7.637 trillion by January 2018, showing decline of 31.6 percent.
Banking experts said that this was due to change of pattern in government loans. The government mostly relied on SBP for budget financing.
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