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Excluding FCAs, the picture is even more revealing. The
slowdown in the growth of Rupees deposits since FY00 (with the exception of FY98) is a
testament to the growing role of FCAs in Pakistan's banking system. As FCAs had the twin
advantage of being a safe haven beyond the ambit of the tax authorities, while also
hedging against the significant loss in the value of the Rupees, these deposits were
driving the growth in the banking system in the 1990s till the freeze in mid- 1998.
