On October 2, the State Bank of Pakistan bought Rs4.55 billion in an open-market operation through the sale of one and two-week Treasury bills. It received bids worth Rs11.30 billion for one, two and four-week T-bills. It accepted offers worth Rs4.55 billion of one and two-week T-bills at an annual yield of 0.89 and one per cent, respectively.

The SBP rejected all bids worth Rs3 billion for four-week T-bills and also rejected bids worth Rs3.75 billion of two-week T-bills.

Earlier, on September 29, the State Bank of Pakistan mopped up Rs21 billion in an open market operation through the sale of one-week Treasury bills. It received bids worth Rs22.15 billion. Bids were accepted at an annual yield of 0.90 per cent.

According to the weekly statement of position of scheduled banks for the week ended September 20, 2003, the sum of demand and time liabilities continued to increase in the week under review. The sum total stood at Rs1,804,615 million against preceding week’s Rs1,801,110 million, showing a rise of Rs3,505 million. As compared to the total deposits of Rs1,537,657 million in the corresponding period last year, current week’s deposits were higher by Rs266,958 million.

During the week under review demand deposits rose, while time deposits fell. Demand deposits increased to Rs874,269 million, a rise of Rs4,229 million over previous week’s Rs870,040 million. It was higher against last year’s corresponding figure of Rs679,962 million by Rs194,307 million.

In the current week, time deposits declined over the preceding week’s figure. At Rs930,346 million, it was smaller by Rs724 million over previous week’s Rs931,070 million but higher by Rs72,651 million, over last year’s corresponding figure of Rs857,695 million.

Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities increased in the current week. At Rs135,491 million it was larger by Rs1,843 million over preceding week’s Rs133,648 million. Compared to last year’s corresponding figure of Rs125,785 million, the current week’s figure is higher by Rs9,706 million.

Scheduled banks borrowings from banks abroad stood at Rs19,994 million in the current week, as against Rs20,802 million a week ago, showing a fall of Rs808 million. It was however, larger by Rs5,222 million over last year’s corresponding figure of Rs14,772 million.

Money at call and short notice in Pakistan increased in the week under review over previous week’s figure. It stood at Rs20,769 million, a rise of Rs780 million over preceding week’s Rs19,989 million. When compared to last year’s corresponding figure of Rs37,741 million, the current figure is lower by Rs16,972 million.

Scheduled banks advances including bills purchased and discounted increased in the week under review. At Rs1,046,993 million it was higher by Rs2,532 million over preceding week’s Rs1,044,461 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs932,735 million, the current week’s advances are higher by Rs114,258 million.

Scheduled banks investment in central government securities, Treasury bills and other approved securities increased in the current week when compared to preceding week’s level. Such investments amounted to Rs804,465 million, a rise of Rs15,824 million over previous week’s Rs788,641 million. Compared to last year’s corresponding figure of Rs597,759 million, the current week’s investment is higher by Rs206,706 million.

Total assets of scheduled banks increased in the week under review. These stood at Rs2,576,274 million against previous week’s Rs2,568,798 million, a rise of Rs7,476 million. Compared to last year’s corresponding figure of Rs2,417,197 million it shows a rise of Rs159,077 million.