Banking system witnesses massive withdrawal of Rs711 billion in July

KARACHI: The banking system has witnessed massive withdrawal of an amount around Rs711 billion during July 2019 after reaching record high deposits by end of June 2019.

According to data released by State Bank of Pakistan (SBP) the total deposits of banking system declined to Rs13,747 billion by end of July 2019 as compared with record level of Rs14,458 billion by end of June 2019.

Sources said that banks made their efforts to ensure high deposits by June 30 in order to make their books presentable.

The sources attributed the massive withdrawal to Eid related expenses and investment to business activities.

The banking industry witnessed record deposits of Rs14,458 billion due to various reasons. The sources said that an amnesty scheme was going on during the month of June 2019 under which declarants required to show money in their bank accounts in order to avail the amnesty.

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