In a statement released on Friday, the State Bank of Pakistan (SBP) announced that the country’s bank deposits had reached an all-time high.
On October 23, there was a notable increase of 17.80 per cent, amounting to Rs3,986 billion, compared to the figures on October 22.
According to the central bank, the total banking deposits for October 2023 reached a historic level of Rs26,000.398 billion.
Rupee expected to fall further
In other news, a Tresmark report suggests that the Pakistani rupee is anticipated to face pressure against the US dollar in the ongoing week until the completion of the International Monetary Fund’s (IMF) initial review of the country’s $3 billion loan programme.
The local currency experienced a depreciation of Rs2 or 0.60 per cent against the US dollar during the week, concluding at Rs287.03 on Friday.
It’s worth noting that the foreign exchange market was closed on Thursday due to a public holiday.
The IMF’s evaluation of Pakistan’s bailout package began on November 2, with expectations for the review to conclude by December 15.
