KARACHI: Deposits at banks rose to Rs11.2 trillion in December 2016, the highest level in three years, which augured well for the financial sector, a brokerage reported on Friday. Bank deposits came in at Rs9.3 trillion in December 2015. Deposits are increasing gradually after experiencing withdrawal following the increase in withholding tax on cash transactions last year. Moreover, a slowdown in real estate activity is also resisting deposits outflows.  Deposits climbed to Rs11 trillion during the third quarter (July-September) of 2016. Deposits fell in the last couple of years due to monetary easing and consequent fall in minimum savings rate and imposition of withholding tax on banking transactions. “A 20 percent year-on-year growth in deposits is significantly higher than historical average growth of 12 percent during the last three … Next »
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