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Money Markets

Advances to trade, industry

slide by Rs 1,760 million

RECORDER REVIEW

KARACHI: The advances to trade and industry during the week squeezed by Rs 1,760 million and settled at Rs 412,521 million as per the statement released by the State Bank of Pakistan.

SCHEDULED BANKS

General Demand and Time Deposits of scheduled banks registered an upward movement during the week, and settled at Rs 652,284 million i.e. increasing by Rs 2,870 million. With this rise, the aggregate in these deposits stood at Rs 98,720 million.

Their advances to trade and industry have decreased by Rs 1,760 million to Rs 412,521 million. Import bills purchased and discounted by them have risen by another Rs 662 million to Rs 12,837 million. Foreign bills (excluding import bills) P&D fell by Rs 147 million to Rs 41,534 million.

Their borrowings from the State Bank improved by Rs 290 million and ended at Rs 83,110 million. Their balance with that institution settled at Rs 79,696 million, showing a massive decline of Rs 1,485 million.

Their borrowings from banks abroad during the week slipped by Rs 207 million to Rs 13,775 million, while the foreign currency balance with overseas banks depicted a drop of Rs 216 million to Rs 9,324 million. Foreign currency deposits held by these banks in the country amounted to Rs 3,092 million, showing a fall of Rs 72 million.

Their investments is central government securities showed an increase of Rs 335 million and moved to Rs 127,618 million. Investment in Treasury Bills depicted a significant rise of Rs 4,971 million to Rs 97,213 million, while other investments were pushed up by Rs 21 million to Rs 14,014 million.

BANK CALL SECTION

The interbank dealings on the call money market during the week showed sharp fluctuations and the money at call went down by Rs 1,469 million to close at Rs 7,396 million. The latest rate of call was quoted between 12.65 percent to 13 percent, as compared to 15.25 percent a week back.

Meanwhile previous results of auction showed that SBP picked up Rs 2 billion as against the offer of Rs 3.1 billion at 12.749 percent.

The weighted average of accepted bids worked out to be around 12.684 percent.