In the first auction of Pakistan Investment Bonds of the current fiscal year, the State Bank of Pakistan received bids worth Rs6.19 billion against the target of Rs20 billion for the auction of 3, 5, 7, 10, 15 and 30 year long term investment bonds.

For 20 year PIBs not a single bid was received. Of the total bids received, the SBP accepted Rs3.180 billion bids. The cut off yield on all PIBs was enhanced to 1.4009 per cent due to an increase in the discount rate.

On August 27, the SBP raised Rs34.712 billion from the regular treasury bill auction. It accepted all bids received for 3 month paper. It received no bids for 6 month and one year T-bills. It increased the cut off yield on 3 month T-bills to 12.5641 per cent from 12.29 per cent.

According to the weekly statement of position of all scheduled banks for the week ended August 16, 2008, deposits and other accounts of the scheduled banks stood at Rs3,778.954 billion, smaller by Rs0.626 billion over preceding week’s figure of

Rs3,779.580 billion. Commercial banks deposits showed a fall of Rs0.603 billion over the week to Rs3,767.466 billion, against preceding week’s Rs3,768.069 billion. Specialised banks deposits stood at Rs11.488 billion, against preceding week’s Rs11.511 billion, a fall of Rs0.023 billion.

Borrowings by all scheduled banks increased during the week over preceding week’s figure. It rose to Rs388.664 billion over preceding week’s figure of Rs376.752 billion, a rise of Rs11.912 billion. This was due to a rose in the borrowings by commercial banks, which rose to Rs307.197 billion against previous week’s Rs295.330 billion, or by Rs11.867 billion. Borrowings by specialized banks stood at Rs87.467 billion, against preceding week’s figure of Rs81.422 billion.

Gross advances stood at Rs2,885.871 billion in the week under review, a rise of Rs32.627 billion over preceding week’s figure of Rs2,853.244 billion. Advances by commercial banks increased to Rs2,786.618 billion against earlier week’s figure of Rs2,754.232 billion, or by Rs32.386 billion. Advances of specialized banks stood at Rs99.253 billion, higher by Rs0.241 billion over earlier week’s figure of Rs99.012 billion.

Investments of all scheduled banks increased in the week by Rs10.835 billion to Rs1,069.336 billion against preceding week’s figure of Rs1,058.501 billion. Commercial banks investment rose to Rs1,055.561 billion, from earlier week’s Rs1,044.851 billion, or by Rs10.71 billion. Specialised banks investment stood at Rs13.775 billion, against preceding week’s Rs13.650 billion, larger by Rs0.125 billion.

Cash and balances with treasury banks of all scheduled banks decreased by Rs0.266 billion during the week to stand at Rs438.758 billion against earlier week’s Rs439.024 billion. The figure for commercial banks stood at Rs435.782 billion against preceding week’s figure of Rs436.153 billion, a fall of Rs0.371 billion, while of specialised banks it stood at Rs2.976 billion over previous week’s Rs2.871 billion.

Total assets of scheduled banks stood at Rs5,052.111 billion, larger by Rs39.407 billion, over preceding week’s figure of Rs5,012.704 billion.

Meanwhile, commercial banks assets stood at Rs4,925.381 billion, larger by Rs39.429 billion over previous week’s figure of Rs4,885.952 billion. Specialised banks assets fell to Rs126.731 billion, or by Rs0.021 billion over previous week’s Rs126.752 billion.