ON SEPTEMBER 25, the interbank market borrowed Rs4.5 billion overnight funds from the State Bank of Pakistan through discounting of approved securities to meet their daily liquidity requirements. A day earlier the market had discounted by Rs6.4 billion.

Overnight call rates remained pegged to 8.90 per cent on September 25, after the discounting. According to the Weekly Statement of Position of Scheduled Banks for the week ended September 14, 2002, the sum of demand and time liabilities maintained the upward trend in the week under review, as time liabilities showed a substantial rise.

The sum total stood at Rs1,539,367 million, showing a rise of Rs15,080 million over preceding week’s figure of Rs1,524,287 million. As compared to the total deposits of Rs1,316,191 million in the corresponding period last year, the current week’s deposits were higher by Rs223,176 million.

During the week under review, demand deposits showed an increase of Rs5,614 million to Rs680,797 million over previous week’s Rs675,183 million. It was higher against last year’s corresponding figure of Rs578,865 million by Rs101,932 million.

Meanwhile, time liabilities rose by Rs9,466 million to Rs858,570 million against preceding week’s Rs849,104 million. Compared to last year’s corresponding figure of Rs737,326 million, the current week’s figure is higher by Rs121,244 million.

Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities continued to show an increase in the current week. At Rs123,184 million it was higher by Rs4,504 million over preceding week’s Rs118,680 million. Compared to last year’s corresponding figure of Rs124,709 million, the current week’s figure is lower by Rs1,525 million.

Scheduled banks borrowings from banks abroad stood at Rs14,599 million in the current week, as against Rs14,351 million a week ago, showing a rise of Rs248 million. It was higher by Rs1,174 million over last year’s corresponding figure of Rs13,425 million.

Money at call and short notice in Pakistan increased in the week under review. It stood at Rs36,640 million, showing a decline of Rs2,276 million over preceding week’s Rs38,916 million. When compared to last year’s corresponding figure of Rs38,067 million, the current week’s figure is lower by Rs1,427 million.

Scheduled banks advances including bills purchased and discounted, showed an increase in the week under review, as against a fall earlier. At Rs933,437 million it was higher by Rs1,245 million over preceding week’s figure of Rs932,192 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs917,396 million, the current week’s advances are higher by Rs16,041 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 Rs570,569 million, showing a rise of Rs1,474 million over previous week’s Rs569,095 million. Compared to last year’s corresponding figure of Rs330,349 million, the current week’s investment is higher by Rs240,220 million.

Total assets of scheduled banks increased in the week under review. These stood at Rs2,406,800 million against previous week’s Rs2,377,211 million, showing a rise of Rs29,589 million. Compared to last year’s corresponding figure of Rs2,016,915 million, the current week’s figure shows a rise of Rs389,885 million.