On August 7, the State Bank of Pakistan sold Rs8.3 billion of Treasury bills under two-day repo contracts at 9.90 per cent to mop up funds from the money market.

According to the weekly statement of position of all scheduled banks for the week ended July 26, 2008, deposits and other accounts of the scheduled banks stood at Rs3,777.585 billion, smaller by Rs6.352 billion over preceding week’s figure of Rs3,783.937 billion. Commercial banks deposits showed a decline of Rs6.846 billion over the week to Rs3,764.866 billion, against preceding week’s Rs3,771.712 billion. Specialized banks deposits stood at Rs12.718 billion, against preceding week’s Rs12.225 billion, a fall of Rs0.493 billion.

Borrowings by all scheduled banks increased further during the week over preceding week’s figure. It rose to Rs364.722 billion over preceding week’s figure of Rs363.284 billion, a rise of Rs1.438 billion.

This was due to a rise in the borrowings by commercial banks, which rose to Rs283.381 billion against previous week’s Rs282.018 billion, or by Rs1.363 billion. Borrowings by specialized banks stood at Rs81.341 billion, against preceding week’s figure of Rs81.266 billion.

Gross advances stood at Rs2,848.844 billion in the week under review, a decline of Rs4.367 billion over preceding week’s figure of Rs2,853.211 billion. Advances by commercial banks fell to Rs2,750.197 billion against earlier week’s figure of Rs2,754.757 billion, or by Rs4.56 billion.

Advances of specialized banks stood at Rs98.647 billion, larger by Rs0.193 billion over earlier week’s figure of Rs98.454 billion.

Investments of all scheduled banks increased in the week by Rs5.993 billion to Rs1,060.396 billion against preceding week’s figure of Rs1,054.403 billion. Commercial banks investment rose to Rs1,046.115 billion, from earlier week’s Rs1,040.695 billion, or by Rs5.42 billion.

Specialized banks investment stood at Rs14.281 billion, against preceding week’s Rs13.708 billion, higher by Rs0.573 billion.

Cash and balances with treasury banks of all scheduled banks declined by Rs7.158 billion during the week to stand at Rs432.181 billion against earlier week’s Rs439.339 billion.

The figure for commercial banks stood at Rs429.081 billion against preceding week’s figure of Rs436.399 billion, a fall of Rs7.318 billion, while of specialized banks it stood at Rs3.100 billion over previous week’s Rs2.940 billion.

Total assets of scheduled banks stood at Rs4,992.997 billion, lower by Rs12.451 billion, over preceding week’s figure of Rs5,005.448 billion.

Meanwhile, commercial banks assets stood at Rs4,865.230 billion, lower by Rs18.83 billion over previous week’s figure of Rs4,884.060 billion.

Specialized banks assets rose to Rs127.767 billion, or by Rs6.379 billion over previous week’s Rs121.388 billion.