Wednesday, August 24, 2011

Bank deposits fall in Pakistan

Recent days have witnessed heavy withdrawals from banks, as consumer spending rises before Eid-ul-Fitr.

On August 19, the State Bank of Pakistan injected Rs183 billion into the banking system through open market operations, as banks were short of liquidity.

On August 17, the SBP had conducted auction of PIBs and accepted bids worth Rs41.2 billion, with a realised amount of Rs38.3 billion. It had received bids worth Rs67.2 billion.

According to the weekly statement of position of all scheduled banks for the week ending August 5, deposits and other accounts of the scheduled banks decreased in the current week and stood at Rs5339.6 billion, lower by Rs4.5 billion over preceding week’s figure of Rs5344.1 billion. Compared with last year’s corresponding figure of Rs4619.2 billion, the current week’s figure is larger by Rs720.4 billion. During the current week, commercial banks deposits showed a fall of Rs4.5 billion over the week to Rs5325.0 billion, against preceding week’s Rs5329.5 billion. Specialised banks deposits stood at Rs14.5 billion.

Borrowings by all scheduled banks decreased in the week. It fell to Rs511.4 billion over preceding week’s figure of Rs570.8 billion, or by Rs59.4 billion. Compared to last year’s corresponding figure of Rs480.1 billion, current week’s figure is higher by Rs31.3 billion. more