Bank deposits fall
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.