On September 10, the State Bank of Pakistan Bank of Pakistan sold Rs14.76 billion of 3 month paper. The SBP rejected all bids for 6 month paper and received no bids for 12 month paper.

It received total bids of Rs46.45 billion, against an auction target of Rs35 billion. The weighted average yield on 3 month paper was 12.5631 per cent, up from 12.3874 per cent in the previous auction on August 27.

According to the weekly statement of position of all scheduled banks for the week ended August 30, 2008, deposits and other accounts of the scheduled banks stood at Rs3,788.611 billion, higher by Rs2.942 billion over preceding week’s figure of

Rs3,785.669 billion. Commercial banks deposits showed a rise of Rs2.959 billion over the week to Rs3,776.849 billion, against preceding week’s Rs3,773.890 billion. Specialised banks deposits stood at Rs11.762 billion, against preceding week’s Rs11.779 billion, a fall of Rs0.017 billion.

Borrowings by all scheduled banks decreased during the week over preceding week’s figure. It fell to Rs377.992 billion over preceding week’s figure of Rs395.265 billion, a fall of Rs17.273 billion. This was due to a decline in the borrowings by commercial banks, which fell to Rs296.601 billion against previous week’s Rs313.883 billion, or by Rs17.283 billion. Borrowings by specialised banks stood at Rs81.392 billion, against preceding week’s figure of Rs81.382 billion.

Gross advances stood at Rs2,899.138 billion in the week under review, a rise of Rs4.223 billion over preceding week’s figure of Rs2,894.915 billion. Advances by commercial banks increased to Rs2,799.877 billion against earlier week’s figure of Rs2,795.847 billion, or by Rs4.03 billion. Advances of specialised banks stood at Rs99.261 billion, larger by Rs0.193 billion over earlier week’s figure of Rs99.068 billion.

Investments of all scheduled banks decreased in the week by Rs36.904 billion to Rs1,030.846 billion against preceding week’s figure of Rs1,067.750 billion. Commercial banks investment fell to Rs1,017.013 billion, from earlier week’s Rs1,054.095 billion, or by Rs37.082 billion. Specialized banks investment stood at Rs13.833 billion, against preceding week’s Rs13.655 billion, smaller by Rs0.178 billion.

Cash and balances with treasury banks of all scheduled banks declined by Rs11.308 billion during the week to stand at Rs437.760 billion against earlier week’s Rs449.068 billion. The figure for commercial banks stood at Rs434.747 billion against preceding week’s figure of Rs445.983 billion, a fall of Rs11.236 billion, while of specialised banks it stood at Rs3.013 billion over previous week’s Rs3.085 billion.

Total assets of scheduled banks stood at Rs5,076.298 billion, larger by Rs9.014 billion, over preceding week’s figure of Rs5,067.284 billion. Meanwhile, commercial banks assets stood at Rs4,954.094 billion, larger by Rs13.803 billion over previous week’s figure of Rs4,940.291 billion. Specialised banks assets rose to Rs122.204 billion, or by Rs4.789 billion over previous week’s Rs126.993 billion.