On July 17, the State Bank of Pakistan mopped up Rs.11 billion from the money market through an open market operation. It received bids worth Rs.21.45 billion from the banks for its one week Treasury bills. But it accepted only Rs.11 billion at a yield of 0.50 per cent.

According to the weekly statement of position of scheduled banks for the week ended July 5, 2003, the sum of demand and time liabilities declined in the week under review after having risen these past few weeks. The sum total stood at Rs.1,742,059 million against preceding week’s Rs1,753,313 million, showing a fall of Rs.11,254 million. As compared to the total deposits of Rs.1,475,911 million in the corresponding period last year, current week’s deposits were higher by Rs.266,148 million.

During the week under review, both demand and time deposits declined. Demand deposits fell to Rs.821,136 million, a fall of Rs.2,920 million over previous week’s Rs.824,056 million. It was however, higher against last year’s corresponding figure of Rs.654,608 million by Rs.166,528 million.

In the current week, time deposits were lower over preceding week’s figure but higher against the corresponding week last year. At Rs.920,923 million, it was smaller by Rs.8,334 million over previous week’s Rs.929,257 million but larger by Rs.99,620 million, over last year’s corresponding figure of Rs.821,303 million.

Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities decreased in the current week. At Rs.137,449 million it was smaller by Rs.517 million over preceding week’s Rs.137,966 million. Compared to last year’s corresponding figure of Rs.133,184 million, the current week’s figure is larger by Rs.4,265 million.

Scheduled banks borrowings from banks abroad stood at Rs.21,461 million in the current week, as against Rs.22,473 million a week ago, showing a fall of Rs.1,012 million. It was however, larger by Rs.6,415 million over last year’s corresponding figure of Rs.15,046 million.

Money at call and short notice in Pakistan decreased in the week under review. It stood at Rs.25,306 million, a decline of Rs.1,905 million over preceding week’s Rs.27,211 million. When compared to last year’s corresponding figure of Rs.35,456 million, the current figure is lower by Rs.10,150 million.

Scheduled banks advances including bills purchased and discounted, decreased in the week under review. At Rs.1,049,130 million it was smaller by Rs.2,698 million over preceding week’s Rs.1,051,828 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs.961,651 million, the current week’s advances are higher by Rs.87,479 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 Rs.725,976 million, a rise of Rs.35,393 million over previous week’s Rs.690,583 million. Compared to last year’s corresponding figure of Rs.490,154 million, the current week’s investment is higher by Rs.235,822 million.

Total assets of scheduled banks decreased in the week under review. These stood at Rs.2,500,378 million against previous week’s Rs.2,513,015 million, a fall of Rs.12,637 million.

Compared to last year’s corresponding figure of Rs.2,288,322 million it shows a rise of Rs.212,056 million.