950818

Money market

Advances to trade

industry down

by Rs 3,551m

RECORDER REVIEW

KARACHI: Advances to trade and industry showed a subtaintial decline of Rs 3,551 million and settled at Rs 408,970 million, as per weekly statement of the State Bank of Pakistan.

TREASURY BILLS: Tenders for sale of six months Government of Pakistan Treasury Bills will be received by the State Bank of Pakistan, Karachi through Banks, DFIs, members of stock exchanges and Central Directorate of National Savings on August 20 and 21, 1995 upto 1115 hours. Tenders will be opened at 1130 hours on August 21.

Result of the auction will be announced on August 22 and the successful bidders would be required to deposit the amount of accepted bids on August 23, through Primary Dealers. Bids can be rejected without assigning any reason.

SCHEDULED BANKS: General Demand and Time Deposits of scheduled banks maintained their upward movement during the week, and settled at Rs 655,401 million i.e. increasing by Rs 3,117 million. With this rise, the aggregate total in these deposits stood at Rs 101,837 million.

Their advances to trade and industry have substantially declined massively by Rs 3,551 million to Rs 408,970 million. Import bills purchased and discounted by them have risen by another Rs 54 million to Rs 12,891 million. Foreign bills (excluding import bills) P&D fell by another Rs 230 million to Rs 41,304 million.

Their borrowings from the State Bank decreased by Rs 760 million and ended at Rs 82,350 million. Their balance with that institution settled at Rs 77,178 million, showing a decline of Rs 2,518 million.

Their borrowings from banks abroad during the week slipped by Rs 81 million to Rs 13,694 million, while the foreign currency balance with overseas banks changed its course and went up by Rs 1,340 million to Rs 10,664 million. Foreign currency deposits held by these banks in the country amounted to Rs 3,221 million, showing a rise of Rs 129 million.

Their investments in Central Government securities showed an increase of Rs 4,168 million and moved up to Rs 131,786 million. Investment in Treasury Bills depicted a significant rise of another Rs 3,401 million to Rs 100,614 million, while other investments were pushed down by Rs 436 million to Rs 13,578 million.

BANK CALL SECTION

The interbank dealings on the call money market during the week depicted sharp fluctuations and the money at call went up by Rs 989 million to close at Rs 8,385 million. The latest rate of call was quoted between 13 percent to 13.50 percent, as compared to 12.65 to 13 percent a week back.