Record Rs5 trillion deposited in banks last year

Forced by an economic crisis in the country due to highest interest rate in the country’s history and high sales tax, people deposited an amount of Rs5 trillion in banks, both private and government, in the last year, 2023, which was 74 per cent up from the previous year, 2022, reported 24NewsHD TV channel on Monday.

Compared to 2023, people had deposited over Rs3 trillion in banks in 2022.

The breakup of the amount deposited during the year, 2023, shows Rs287 billion were deposited in January, Rs167 billion in February and Rs658 billion in March.

Former president FCCI Rana Iskandar Azam has said that the circulation of Pak Rupee in the country is at its lowest. “Citizens are preferring depositing their money in banks to investing it in their businesses,” he has said.

Reporter: Shiraz Butt