ON SEPTEMBER 16, the State Bank of Pakistan mopped up Rs9.8 billion through four-week repo of Treasury bills at a maximum yield of 5.70 per cent. The open market operation had generated bids worth Rs10.2 billion.
On September 18, the State Bank sucked in Rs26.3 billion from the interbank market, against the target of Rs16 billion. A day earlier it had siphoned off Rs7.1 billion through its open market operations from a highly liquid interbank market.
In the latest auction, the State Bank managed to keep the cut off yield on six-month bills almost stable at 6.39 per cent. In an earlier auction on September 4, the cut-off yield stood at 6.41 per cent.
According to the Weekly Statement of Position of Scheduled Banks for the week ended September 7, 2002, the sum of demand and time liabilities maintained the upward trend in the week under review, as both type of liabilities rose. The sum total stood at Rs1,524,287 million, showing a rise of Rs2,026 million over preceding week’s figure of Rs1,522,261 million. As compared to the total deposits of Rs1,319,455 million in the corresponding period last year, the current week’s deposits were higher by Rs204,832 million.
During the week under review, demand deposits showed an increase of Rs557 million to Rs675,183 million over previous week’s Rs674,626 million. It was higher against last year’s corresponding figure of Rs577,440 million by Rs97,743 million. Meanwhile, time liabilities rose by Rs1,469 million to Rs849,104 million against preceding week’s Rs847,635 million. Compared to last year’s corresponding figure of Rs742,015 million, the current week’s figure is higher by Rs.107,089 million.
Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities showed an increase in the current week as against a fall earlier. At Rs118,680 million it was higher by Rs5,513 million over preceding week’s Rs113,167 million. Compared to last year’s corresponding figure of Rs122,465 million, the current week’s figure is lower by Rs3,605 million.
Scheduled banks borrowings from banks abroad stood at Rs14,351 million in the current week, as against Rs13,628 million a week ago, showing a rise of Rs723 million. It was lower by Rs738 million over last year’s corresponding figure of Rs15,089 million.
Money at call and short notice in Pakistan increased in the week under review. It stood at Rs38,916 million, showing a decline of Rs1,038 million over preceding week’s Rs39,954 million. When compared to last year’s corresponding figure of Rs36,497 million, the current week’s figure is higher by Rs2,419 million.
Scheduled banks advances including bills purchased and discounted, showed a further fall in the week under review. At Rs932,192 million it was lower by Rs653 million over preceding week’s figure of Rs932,845 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs919,403 million, the current week’s advances are higher by Rs12,789 million.
Scheduled banks investment in central government securities, Treasury bills and other approved securities increased further in the week under review. Such investments amounted to Rs569,095 million, showing a rise of Rs9,553 million over previous week’s Rs559,542 million. Compared to last year’s corresponding figure of Rs331,387 million, the current week’s investment is higher by Rs237,708 million.
Total assets of scheduled banks increased in the week under review. These stood at Rs2,377,211 million against previous week’s Rs2,368,369 million, showing a rise of Rs8,842 million. Compared to last year’s corresponding figure of Rs2,016,232 million, the current week’s figure shows a rise of Rs360,979 million.
