The government raised Rs44.75bn from the auction of Pakistan Investment Bonds held last Thursday, against the offered bids of an amount of Rs227.92bn.

It generated Rs31.02bn from three year bonds at a cut off yield of 6.41pc, Rs8.90bn from five year bonds at 6.91pc and Rs4.83bn from ten year bonds at 8.02pc.

Three year PIBs attracted the highest amount of Rs115.75bn, followed by five year PIB Rs70.33bn and ten year PIB Rs41.84bn. No bids were received for 20 year PIBs.

On Thursday last, the government mopped up Rs44.30bn from the banking system through an open market operation. The offered amount was Rs66.8bn.The amount was accepted at 5.50pc for a tenor of one day.

According to the weekly statement of position of all scheduled banks for the week ended June 03, 2016, deposits and other accounts of all scheduled banks increased and stood at Rs9,684.05bn, over preceding week’s figure of Rs9,744.40bn, a decrease of 0.62pc. Compared with last year’s corresponding figure of Rs8,880.39bn, the current week’s figure is higher by 9.05pc.

Deposits and other accounts of all commercial banks stood at Rs9,644.91bn against preceding week’s deposits of Rs9,705.21bn, showing a decline of 0.62pc. Deposits and other accounts of specialised banks stood at Rs39.14bn, against previous week’s figure of Rs39.19bn.

Gross advances of all scheduled banks stood at Rs5,051.80bn, a rise of 0.16pc over preceding week’s figure of Rs5,043.49bn. Compared with last year’s corresponding figure of Rs4,560.19bn, current week’s figure is higher by 10.78pc.

Advances by all commercial banks increased to Rs4,890.58bn against previous week’s Rs4,882.31bn or by 0.17pc.

Advances of specialised banks stood at 161.22bn against previous week’s Rs161.17bn.

Investments of all scheduled banks stood at Rs7,117.12bn, against preceding week’s figure of Rs7,128.57bn, a fall of 0.16pc. Compared to last year’s corresponding figure of Rs5,580.59bn, current week’s figure is higher by 27.53pc.

Investments by all commercial banks stood at Rs7,086.45bn, against preceding week’s figure of Rs7,099.85bn, a fall of 0.19pc. Compared to last year’s corresponding figure of Rs5,555.80bn, current week’s figure is higher by 27.55pc.

Investment by all specialised banks stood at Rs30.68bn, against preceding week’s figure of Rs28.73bn.

Published in Dawn, Business & Finance weekly, June 20th, 2016