On September 22, the State Bank of Pakistan mopped up Rs22.5 billion from an excessively liquid market. Of the total amount, Rs20.2 billion was mopped through one week repo of the Treasury Bills at 0.90 per cent, and Rs2.3 billion through two-week repo at one per cent.

The State Bank of Pakistan has imposed a ceiling on the direct buying of long-term bonds by the institutional investors. The ceiling has been fixed at Rs10 million, which means no institutional investor would be allowed to bid for the long-term bonds of a single tenure worth more than this amount.

According to the weekly statement of position of scheduled banks for the week ended September 13, 2003, the sum of demand and time liabilities continued to increase in the week under review.

The sum total stood at Rs1,801,110 million against the preceding week’s Rs1,789,496 million, showing a rise of Rs11,614 million.

As compared to the total deposits of Rs1,539,367 million in the corresponding period last year, the current week’s deposits were higher by Rs261,743 million.

During the week under review demand deposits rose, while time deposits fell. Demand deposits increased to Rs870,040 million, a rise of Rs12,439 million over the previous week’s Rs857,601 million.

It was higher against the last year’s corresponding figure of Rs680,797 million by Rs189,243 million.

In the current week, time deposits declined over the preceding week’s figure. At Rs931,070 million, it was smaller by Rs825 million over the previous week’s Rs931,895 million and by Rs72,500 million, over the last year’s corresponding figure of Rs858,570 million.

Scheduled banks borrowings from the State Bank of Pakistan against the promissory notes and other approved securities increased in the current week. At Rs133,648 million it was larger by Rs8,053 million over the preceding week’s Rs125,595 million. Compared to last year’s corresponding figure of Rs123,184 million, the current week’s figure is higher by Rs10,464 million.

Scheduled banks borrowings from banks abroad stood at Rs19,802 million in the current week, as against Rs20,152 million a week ago, showing a fall of Rs350 million. It was larger by Rs5,203 million over the last year’s corresponding figure of Rs14,599 million.

Money at call and short notice in Pakistan increased in the week under review over the previous week’s figure. It stood at Rs19,989 million, a rise of Rs945 million over the preceding week’s Rs19,044 million. When compared to last year’s corresponding figure of Rs36,640 million, the current figure is lower by Rs16,651 million.

Scheduled banks advances including the bills purchased and discounted increased in the week under review as against a decline recorded in the past few weeks. At Rs1,044,461 million it was higher by Rs5,619 million over the preceding week’s Rs1,038,842 million.

Compared to the corresponding figure a year ago, when advances were to the tune of Rs933,437 million, the current week’s advances are higher by Rs111,024 million.

Scheduled banks investment in central government securities, the Treasury bills and other approved securities increased in the current week when compared to the preceding week’s level. Such investments amounted to Rs788,641 million, a rise of Rs17,062 million over the previous week’s Rs771,579 million. Compared to last year’s corresponding figure of Rs570,569 million, the current week’s investment is higher by Rs218,072 million.

The total assets of scheduled banks increased in the week under review. These stood at Rs2,568,798 million against previous week’s Rs2,544,851 million, a rise of Rs23,947 million. Compared to last year’s corresponding figure of Rs2,406,800 million it shows a rise of Rs161,998 million.