ISLAMABAD: Banks’ credit facilities to the housing and construction sector surged by 84% and recorded Rs305 billion.
The bank credit was recorded at Rs166 billion at the end of September last year.
The growth has been attributed to the increase of 5% in lending to the housing and construction sectors, including builders and developers, by the State Bank of Pakistan (SBP).
The State Bank advised quarterly targets to each bank after individual consultation to assist in this, leading to the concerted effort. For the quarter ending September 30, 2021, banks have achieved 94 per cent of their assigned targets on a consolidated basis.
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