Karachi: The State Bank of Pakistan has released its 2022 Financial Stability Review Report, which states that economic challenges have increased due to delays in the IMF program.
The ongoing Financial Stability Review by the State Bank has stated that the performance and resilience of the financial system remained stable during the year 2022 and Pakistan’s economy faced a difficult year.
According to the report, recent economic imbalances have intensified as a result of adverse external environment, while twin deficits, inflation, catastrophic floods, delays in the IMF program have added to the challenges.
read more: external payments; Pakistan assured the IMF of 8 billion dollars
During the year 2022, the rise in commodity prices faced global challenges such as tight monetary policy. 18.3% growth in assets.
The current account deficit improved towards the end of the year, weakening economic momentum, with GDP growing at a mere 0.29 percent during FY23, the review said.
According to the report, the year 2022 saw a strong growth of 19.1% in the assets of the banks while the total ratio of non-performing loans decreased to 7.3% from 7.9%. .
Also read: Increase in inflation after Eid, prices of 24 items increased
According to the report, the return on equity increased to 16.9% compared to 14% during 2022. The growth rate of Islamic banking in 2022 was 29.6%.
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