ON JULY 24, the State Bank of Pakistan sold Rs10.7 billion worth of six-month T-bills at a cut-off yield of 6.43 per cent. It left rates unchanged, reinforcing earlier signals that a further easing in monetary policy is not in the offing.
The State Bank had received Rs34.2 billion worth of bids; Rs4.5 billion for three months and Rs18.7 billion for one-year bills. It accepted Rs10.7 billion bids for six-month bills which fell short of the pre-auction sale target of Rs15 billion.
According to the Weekly Statement of Position of Scheduled Banks for the week ended July 13, 2002, both demand and time liabilities rose in the week under review.
The sum total stood at Rs1,480,196 million, showing a rise of Rs4,285 million over preceding week’s figure of Rs1,475,911 million.
As compared to the total deposits of Rs1,289,148 million in the corresponding period last year, the current week’s deposits were higher by Rs191,048 million.
During the week under review, demand deposits rose by Rs889 million, rising to Rs655,497 million over previous week’s Rs654,608 million, and was also higher against the last year’s corresponding figure of Rs566,804 million by Rs88,693 million.
Meanwhile, time liabilities grew by Rs3,396 million to Rs824,699 million against the preceding week’s Rs821,303 million. Compared to last year’s corresponding figure of Rs722,344 million, the current week’s figure is higher by Rs102,355 million.
Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities rose in the current week. At Rs134,199 million it was higher by Rs1,015 million over preceding week’s Rs133,184 million. Compared to last year’s corresponding figure of Rs138,859 million, the current week’s figure is lower by Rs4,660 million.
Scheduled banks borrowings from banks abroad stood at Rs14,084 million in the current week, as against Rs15,046 million a week ago, showing a fall of Rs962 million. It was also lower by Rs1,137 million over last year’s corresponding figure of Rs15,221 million.
Money at call and short notice in Pakistan declined in the week under review.
It stood at Rs35,112 million, showing an fall of Rs344 million over preceding week’s Rs35,456 million.
When compared to last year’s corresponding figure of Rs34,182 million, the current week’s figure is however, higher by Rs930 million.
Scheduled banks advances including bills purchased and discounted, showed a further fall in the week under review. At Rs957,144 million it was lower by Rs4,507 million over the preceding week’s figure of Rs961,651 million.
Compared to the corresponding figure a year ago, when advances were to the tune of Rs941,450 million, the current week’s advances are higher by Rs15,694 million.
Scheduled banks investment in central government securities, Treasury bills and other approved securities rose in the week under review. Such investments amounted to Rs505,309 million, showing a rise of Rs15,155 million over previous week’s Rs490,154 million. Compared to last year’s corresponding figure of Rs306,935 million, the current week’s investment is higher by Rs198,374 million.
Total assets of scheduled banks increased in the week under review.
These stood at Rs2,301,370 million against previous week’s Rs2,288,322 million, showing a rise of Rs13,048 million. Compared to last year’s corresponding figure of Rs1,972,288 million, the current week’s figure shows a rise of Rs329,082 million.