According to the State Bank figures, the government raised Rs103 billion in FY04, from the domestic market through sale of the Pakistan Investment Bonds. This year the government borrowings may not reach such a high level for it would need a big rise in the yield of the PIBs.
The government plans to raise Rs60 billion through the PIBs during the current fiscal. In the auction on August 17, the SBP scrapped the total bids for Rs4.3 billion, for 3-year, 5-year and 10-year PIBs.
According to the weekly statement of position of scheduled banks for the week ended August 13, 2004, the sum of demand and time liabilities continued the upward trend in the week under review.
The sum total stood at Rs2,156,461 million against the preceding week's Rs2,151,403 million, a rise of Rs5,058 million. As compared to the total deposits of Rs1,779,076 million in the corresponding period last year, current week's deposits were higher by Rs377,385 million.
During the week under review, demand deposits stood at Rs1,104,241 million, a rise of Rs6,072 million over previous week's Rs1,098,169 million. It was also higher against last year's corresponding figure of Rs851,972 million by Rs252,269 million.
Time deposits declined in the current week. At Rs1,052,220 million it was smaller by Rs1,014 million over previous week's Rs1,053,234 million and by Rs125,116 million over last year's corresponding figure of Rs927,104 million.
Scheduled banks borrowings from the SBP against promissory notes and other approved securities fell in the current week. At Rs160,519 million it was smaller by Rs189 million over preceding week's Rs160,708 million. Compared to last year's corresponding figure of Rs130,182 million, the current week's figure is higher by Rs30,337 million.
Scheduled banks borrowings from banks abroad stood at Rs6,624 million in the current week, as against Rs4,964 million a week ago, a rise of Rs1,660 million. It was smaller by Rs14,002 million over last year's corresponding figure of Rs20,626 million.
Money at call and short notice in Pakistan increased in the week over previous week's figure. It stood at Rs37,166 million, a rise of Rs934 million over preceding week's Rs36,232 million. When compared to last year's corresponding figure of Rs24,010 million, the current week's figure is higher by Rs13,156 million.
Scheduled banks' advances including bills purchased and discounted rose in the week under review. At Rs1,354,779 million it was larger by Rs6,941 million over preceding week's Rs1,347,838 million.
Compared to the corresponding figure a year ago, when advances were to the tune of Rs1,046,643 million, the current week's advances are higher by Rs308,136 million. Scheduled banks investment in central government securities, Treasury bills and other approved securities increased in the current week when compared to preceding week's level.
Such investments amounted to Rs788,238 million, a rise of Rs2,150 million over previous week's Rs786,088 million. Compared to last year's corresponding figure of Rs783,707 million, the current week's investment is higher by Rs4,531 million.
Total assets of scheduled banks increased in the week under review. These stood at Rs3,038,592 million against previous week's Rs3,023,633 million, a rise of Rs14,959 million. Compared to last year's corresponding figure of Rs2,544,674 million it shows a rise of Rs493,918 million.