ISLAMABAD, Jun 11 (APP):The Broad Money (M2) has posted growth of 7.0% to Rs 2,216.1 billion during July-March FY2024, as compared the growth of 4.4% to Rs 1,211.5 billion during same period last year.
According to the Economic Survey 2023-24 launched here on Tuesday, during July-March FY2024,
Net Foreign Assets (NFA) of banking system witnessed an expansion of Rs 529.7 billion as compared decline of Rs 2,073 billion during same period last year.
During July-March FY2024, Net Domestic Assets (NDA) of the banking system increased by Rs 1,686.5 billion as compared to Rs 3,284.5 billion last year.
Private sector credit decelerated to Rs 188 billion during July-March FY2024, against expansion of Rs 300 billion last year.
During July-March FY2024, loans for consumer financing witnessed net retirement of Rs 52.6 billion against retirement of Rs 21.1 billion last year.
The Currency in Circulation lowered by Rs 498 billion during July-March FY2024, as compared an increase of Rs 699 billion last year.
During July-March FY2024, Bank Deposits mobilization remained Rs 2,703 billion against deposits of Rs 512 billion last year. To fight against inflation, central banks around the world had adopted tight monetary policy stance by increasing interest rate during last two years.
However, market is getting signals of well-anchored inflation expectations – amid investor confidence.
At the global level, it is expected that central bank will gradually move to a more neutral policy stance to achieve target inflation and maintain well anchored inflation expectations.
SBP has maintained its policy rate at 22% in seven consecutive monetary policy decisions during July-April FY2024.
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