On September 3, the State Bank of Pakistan raised the three-month and one-year Treasury-bill rates by 31 and 57 basis points respectively, signalling to banks that the T-bill rates have already bottomed out and that they should now expect an upward adjustment in the rates.

According to the weekly statement of position of scheduled banks for the week ended August 30, 2003, the sum of demand and time liabilities continued to increase in the week under review. The sum total stood at Rs1,788,195 million against preceding week’s Rs1,786,812 million, showing a rise of Rs1,383 million. As compared to the total deposits of Rs1,522,261 million in the corresponding period last year, current week’s deposits were higher by Rs265,934 million.

During the week under review while demand deposits rose, time deposits declined. Demand deposits increased to Rs857,917 million, a rise of Rs3,342 million over previous week’s Rs854,575 million.

It was also higher against last year’s corresponding figure of Rs674,626 million by Rs183,291 million.

In the current week, time deposits were lower over the preceding week’s figure. At Rs930,278 million, it was smaller by Rs1,959 million over the previous week’s Rs932,237 million but higher by Rs82,643 million, over the last year’s corresponding figure of Rs847,635 million.

The scheduled banks’ borrowings from the State Bank of Pakistan against the promissory notes and other approved securities decreased in the current week.

At Rs116,510 million it was smaller by Rs14,345 million over the preceding week’s Rs130,855 million. Compared to the last year’s corresponding figure of Rs113,167 million, the current week’s figure is higher by Rs3,343 million.

The scheduled banks’ borrowings from the banks abroad stood at Rs19,871 million in the current week, as against Rs19,988 million a week ago, showing a fall of Rs117 million. It was larger by Rs6,243 million over the last year’s corresponding figure of Rs13,628 million.

Money at call and short notice in Pakistan decreased in the week under review. It stood at Rs22,273 million, a fall of Rs168 million over preceding week’s Rs22,441 million. When compared to the last year’s corresponding figure of Rs39,954 million, the current figure is lower by Rs17,681 million.

The scheduled banks’ advances including the bills purchased and discounted decreased further in the week under review.

At Rs1,043,578 million it was smaller by Rs2,393 million over the preceding week’s Rs1,045,971 million.

Compared to the corresponding figure a year ago, when advances were to the tune of Rs932,845 million, the current week’s advances are higher by Rs110,733 million.

The scheduled banks’ investment in central government securities, the Treasury bills and other approved securities declined in the current week when compared to the preceding week’s level. Such investments amounted to Rs781,718 million, a fall of Rs5,271 million over the previous week’s Rs786,989 million. Compared to the last year’s corresponding figure of Rs559,542 million, the current week’s investment is higher by Rs222,176 million.

The total assets of scheduled banks decreased in the week under review. These stood at Rs2,540,218 million against the previous week’s Rs2,556,651 million, a fall of Rs16,433 million. Compared to the last year’s corresponding figure of Rs2,368,369 million it shows a rise of Rs171,849 million.