The bank deposits have witnessed a record high and stood at Rs21 trillion by the end of the calendar year 2021. Experts attributed the massive growth in deposits to a hike in the interest rates by the State Bank of Pakistan. Previously, the bank deposits reached a historic high of Rs19.83 trillion by September 2021. The central bank increased the key policy rates by 100 basis points to 9.75 per cent in its policy statement announced on December 14, 2021. It was the second increase in the interest rates in less than a month. The central bank on November 19, 2021 enhanced the rates by 150 basis points. Cumulatively, the SBP increased the key policy rate by 2.75 per cent during the last three consecutive policy announcements.