The State Bank of Pakistan at the second Jumbo Bond auction accepted Rs26.575 billion.

The 10-year note saw a moderate gain of 0.02 basis point, yielding 6.22 per cent with accepted amount Rs11 billion; 5-year gained 03 basis point against last cut-off of 5.15 per cent with the accepted amount of Rs9.775 billion, and 3-year cut-off yield was 4.09 per cent against last month’s 4.15 per cent and the accepted amount was Rs5.800 billion.

On November 6, the State Bank of Pakistan injected Rs7.35 billion into the inter-bank market through the reverse repo of Treasury bills. The open market operation was conducted to pump in liquidity into the banking system that had run out of it after the auction of Pakistan Investment Bonds a day earlier.

The SBP injected Rs5.85 billion through one week repo and Rs1.5 billion through two week repo.

According to the weekly statement of position of scheduled banks for the week ended October 25, 2003, the sum of demand and time liabilities decreased in the week under review as against an increase recorded in the earlier few weeks. The sum total stood at Rs1,787,827 million against preceding week’s Rs1,831,855 million, showing a fall of Rs44,028 million. As compared to the total deposits of Rs1,535,046 million in the corresponding period last year, current week’s deposits were higher by Rs252,781 million.

During the week under review, while demand deposits rose time deposits declined. Demand deposits increased to Rs957,909 million, a rise of Rs62,140 million over previous week’s Rs895,769 million. It was also higher against the last year’s corresponding figure of Rs671,600 million by Rs286,309 million.

In the current week, time deposits fell over the preceding week’s figure. At Rs829,918 million, it was smaller by Rs106,168 million over previous week’s Rs936,086 million but higher by Rs33,528 million, over last year’s corresponding figure of Rs836,446 million.

Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities declined in the current week. At Rs143,320 million it was smaller by Rs113 million over preceding week’s Rs143,433 million. Compared to last year’s corresponding figure of Rs136,593 million, the current week’s figure is higher by Rs6,727 million.

Scheduled banks borrowings from banks abroad stood at Rs19,228 million in the current week, as against Rs19,172 million a week ago, showing a rise of Rs56.0 million. It was larger by Rs4,124 million over last year’s corresponding figure of Rs15,104 million.

Money at call and short notice in Pakistan increased in the week over previous week’s figure. It stood at Rs22,129 million, a rise of Rs321 million over preceding week’s Rs21,808 million. When compared to last year’s corresponding figure of Rs41,542 million, the current figure is lower by Rs19,413 million.

Scheduled banks advances including bills purchased and discounted increased in the week under review. At Rs1,097,712 million it was higher by Rs6,828 million over preceding week’s Rs1,090,884 million.

Compared to the corresponding figure a year ago, when advances were to the tune of Rs947,926 million, the current week’s advances are higher by Rs149,786 million.

Scheduled banks investment in central government securities, Treasury bills and other approved securities declined in the current week when compared to preceding week’s level. Such investments amounted to Rs771,080 million, a fall of Rs7,622 million over previous week’s Rs778,702 million. Compared to last year’s corresponding figure of Rs601,044 million, the current week’s investment is higher by Rs170,036 million.

Total assets of scheduled banks also declined in the week under review. These stood at Rs2,566,575 million against previous week’s Rs2,606,656 million, a fall of Rs40,081 million. Compared to last year’s corresponding figure of Rs2,467,178 million it shows a rise of Rs99,397 million.