The deposits of the domestic banks have expanded to the highest mark of 3.034 trillion rupees by February 2007, showing a robust trend of growth in banking business and economic activity in the country, it was learnt on Monday.
In the months of January and February 2007 the total deposits of the scheduled banks have improved by 35 billion rupees and edged up from 2.999 trillion in December 2006 to 3.034 trillion in February 2007.
The Nation learnt that the deposits have doubled in the past four calendar years and surged from 1.532 trillion in December 2002 to 3.034 trillion in February 2007.
In foreign exchange the deposits amounted to 50 billion dollars, more than 50 per cent of the real GDP of the country that stood at 90 billion dollars in 2005-06.
This unprecedented development shows the rapid expansion in the national economy, banking business, circulation of currency and people’s access to money, a banker said.
He pointed out that during the past four years the country had witnessed impressive growth in all the economic segments.
In fact, after 9/11 developments the overseas Pakistanis had transferred massive foreign exchange to their motherland through the banking channel that accelerated growth and pace of economic cycle in the country, he added.
He maintained that the surplus availability of credit enabled the domestic banks to inject over one trillion rupees into the private sector and consumer financing schemes.
In 2002 the scheduled banks lending stood at one trillion rupees which expanded to 2.358 trillion rupees by February 2007, showing a bumper growth of 1.358 trillion rupees in just four years and two months.
In foreign exchange the banks advances have marked over 22 billion dollars increase from 2003 to February 2007.
During the past three years the banks had been extending more than 400 billion rupees credit a year to the private that showed the strength of the capital available with the banks and the private sector’s continued demand of credit.
Courtesy by : JAVED MAHMOOD