State Bank of Pakistan Annual Report FY07

5.1 Monetary Liabilities

(Billion Rupees)
Other Currency Banks’ Reserve Scheduled Narrow Scheduled Resident
Broad
Currency in Deposits in tills of Deposits Money Banks' Money Banks' Foreign
Year/ Money (M2)
Circulation with Scheduled with (M0) Demand (M1) Time Currency
Month1 SBP2 Banks SBP (1+2+3+4) Deposits3 (1+2+6) Deposits3 Deposits
(7+8+9)
1 2 3 4 5 6 7 8 9 10
Average 2003 - 07 663.8 4.2 43.4 201.2 912.6 1,215.4 1,883.4 944.9 171.0 2,999.3
2003 494.6 3.5 30.4 141.0 669.5 607.9 1,106.0 846.3 126.1 2,078.5
2004 578.1 2.1 36.4 156.2 772.9 790.3 1,370.6 969.2 145.7 2,485.5
2005 665.9 3.3 43.5 196.3 909.0 949.3 1,618.5 1,161.8 180.3 2,960.6
2006 740.4 4.9 48.4 207.6 1,001.3 1,085.7 1,831.0 1,380.4 195.5 3,406.9
2007 840.2 7.0 58.1 305.2 1,210.4 2,643.8 3,491.0 366.9 207.3 4,065.2
2006 Jul 747.1 4.6 43.2 250.2 1,045.1 2,194.6 2,946.3 209.8 197.1 3,353.3
Aug 745.3 4.7 43.7 242.1 1,035.8 2,197.6 2,947.6 257.0 192.5 3,397.1
Sep 770.1 4.8 47.0 255.1 1,077.0 2,194.7 2,969.6 268.7 193.3 3,431.6
Oct 828.8 5.0 56.5 254.3 1,144.6 2,176.2 3,009.9 277.3 193.2 3,480.4
Nov 815.9 4.8 45.8 268.7 1,135.1 2,209.2 3,029.9 292.2 193.5 3,515.6
Dec 874.3 4.8 48.4 264.4 1,191.8 2,277.4 3,156.5 318.6 198.7 3,673.8
2007 Jan 837.3 4.8 49.6 253.5 1,145.3 2,263.2 3,105.3 319.7 199.8 3,624.9
Feb 837.2 4.9 47.3 265.2 1,154.5 2,300.4 3,142.5 324.9 197.2 3,664.6
Mar 834.5 5.6 49.6 262.2 1,152.0 2,412.3 3,252.4 335.8 200.5 3,788.7
Apr 839.6 6.1 48.2 257.6 1,151.5 2,428.4 3,274.1 347.3 200.0 3,821.3
May 858.3 6.1 49.9 275.0 1,189.3 2,434.7 3,299.1 368.9 202.8 3,870.9
Jun 840.2 7.0 58.1 305.2 1,210.4 2,643.8 3,491.0 366.9 207.3 4,065.2
Growth (Period on period)

Average 2003- 07 14.1 6.7 17.1 23.4 15.7 49.9 34.4 -0.8 6.8 18.2
2003 14.0 -74.7 15.1 27.6 14.5 41.7 26.1 16.4 -19.9 18.0
2004 16.9 -39.5 19.8 10.8 15.4 30.0 23.9 14.5 15.5 19.6
2005 15.2 57.6 19.3 25.7 17.6 20.1 18.1 19.9 23.7 19.1
2006 11.2 47.9 11.4 5.7 10.2 14.4 13.1 18.8 8.4 15.1
2007 13.5 42.2 19.9 47.0 20.9 143.5 90.7 -73.4 6.0 19.3
2006 Jul 10.6 34.0 16.0 43.1 17.3 141.9 85.8 -82.3 9.7 13.6
Aug 11.3 42.0 16.5 27.2 15.0 146.6 88.4 -78.5 7.8 15.7
Sep 14.3 41.3 17.6 33.1 18.5 130.5 82.3 -76.6 9.1 16.1
Oct 14.0 45.8 30.3 36.1 19.1 136.6 82.4 -76.0 7.6 16.6
Nov 9.8 39.6 12.0 46.4 16.9 132.5 78.6 -75.0 5.7 15.3
Dec 19.5 44.2 13.7 27.2 20.9 112.9 74.9 -73.6 4.9 14.7
2007 Jan 10.6 66.2 16.0 27.0 14.3 132.3 79.1 -74.4 2.9 14.1
Feb 10.8 46.0 13.0 35.6 15.9 132.7 79.8 -74.7 3.8 13.7
Mar 12.0 56.9 10.4 41.2 17.7 138.5 84.8 -74.1 6.4 16.8
Apr 12.5 60.5 14.6 30.4 16.4 138.3 85.1 -73.8 3.8 16.2
May 13.5 57.8 16.4 38.9 18.8 137.9 85.0 -72.7 6.6 16.4
Jun 13.5 42.2 19.9 47.0 20.9 143.5 90.7 -73.4 6.0 19.3
1: Monthly data relates to last Saturday of the month except quarter-end data that is of last Source: Monetary Policy Department, SBP
working day of the month.Yearly data relates to the 30th June
2: Excluding IMF A/c Nos. 1 & 2, SAF loan account, counterpart funds, deposits of foreign central banks, foreign governments , international or
organisations and deposit money banks
3: Excluding inter-bank deposits and deposits of central & provincial governments and foreign constituents. As per BSD Circular No. 9 dated 18-7-06
The amounts of Time Deposits with tenor of less than six months have been included to Demand Deposits from July 06

34
 Money and Credit

5.2 Currency in Circulation

(Million Rupees)
Held by Currency in
One-Rupee Held by Issue Currency in
Five Rupee Subsidiary Total Banking tills of
Year/ Coins and Department of Circulation
Bills & above Coins ( 1+2+3 ) Department of Scheduled
Month1 above SBP (4-5-6-7)
SBP Banks
1 2 3 4 5 6 7 8

Average 2003-07 703,609 5,882 665 710,156 159 2,798 43,366 663,833

2003 522,891 4,004 662 527,558 214 2,351 30,415 494,577

2004 611,904 4,941 664 617,508 161 2,799 36,432 578,116

2005 705,720 6,093 667 712,480 146 2,961 43,472 665,901

2006 784,236 6,931 667 791,834 139 2,865 48,439 740,391

2007 893,293 7,441 667 901,401 136 3,012 58,072 840,181

2006 Jul 785,680 6,925 667 793,272 133 2,803 43,195 747,140

Aug 784,281 6,920 667 791,867 128 2,799 43,676 745,265

Sep 812,448 7,015 667 820,130 223 2,761 47,028 770,117

Oct 880,553 6,963 667 888,182 171 2,714 56,544 828,753

Nov 856,833 6,922 667 864,422 130 2,653 45,788 815,851

Dec 917,809 6,933 667 925,408 141 2,640 48,367 874,260

2007 Jan 880,469 6,949 667 888,084 157 2,616 47,973 837,338

Feb 879,550 7,366 667 887,583 205 2,946 47,276 837,156

Mar 879,275 7,359 667 887,301 198 2,963 49,615 834,524

Apr 882,947 7,342 667 890,957 199 2,937 48,218 839,602

May 903,257 7,329 667 911,253 168 2,916 49,860 858,309

Jun 893,293 7,441 667 901,401 136 3,012 58,072 840,181

1: Monthly data relates to last Saturday of the month except quarter-end data that is of last working Source: Monetary Policy Department, SBP
day of the month.Yearly data relates to the 30th June.
Note: Totals may not tally due to separate rounding off

35
State Bank of Pakistan Annual Report FY07

5.3 Monetary Ratios

Ratio Private
RFCDs to Sector
Year/ Month1 Currecny to Demand to Money NFA to3
M2 to
M1 to M2 Total Credit as %
Deposit2 Time Deposits Multiplier Reserve Money GDP of GDP
Deposits
2003 0.31 0.53 0.72 0.08 3.10 0.69 0.43 2.99
2004 0.30 0.55 0.82 0.08 3.22 0.66 0.44 5.77
2005 0.29 0.55 0.82 0.08 3.26 0.55 0.46 6.74
2006 0.28 0.54 0.79 0.07 3.40 0.56 0.45 5.29
2007 0.26 0.86 7.21 0.06 3.36 0.65 0.47 4.20
2006 Jul 0.29 0.88 10.46 0.08 3.21 0.52 0.39
Aug 0.28 0.87 8.55 0.07 3.28 0.52 0.39
Sep 0.29 0.87 8.17 0.07 3.19 0.50 0.39
Oct 0.31 0.86 7.85 0.07 3.04 0.47 0.40
Nov 0.30 0.86 7.56 0.07 3.10 0.48 0.40
Dec 0.31 0.86 7.15 0.07 3.08 0.48 0.42
2007 Jan 0.30 0.86 7.08 0.07 3.17 0.51 0.42
Feb 0.30 0.86 7.08 0.07 3.17 0.51 0.42
Mar 0.28 0.86 7.18 0.07 3.29 0.53 0.44
Apr 0.28 0.86 6.99 0.07 3.32 0.54 0.44
May 0.29 0.85 6.60 0.07 3.25 0.53 0.44
Jun 0.26 0.86 7.21 0.06 3.36 0.65 0.47
1: Monthly data relates to last Saturday of the month except quarter-end data that is of last working day of the month.Yearly data relates to the 30th Jun.
2: Deposits include Scheduled Banks’ Demand Deposits, Scheduled Banks’ Time Deposits and RFCDs.
3: NFA of SBP

Currency to De posits Ratio NFA to RM Ratio

0 .3 4 0.80
0 .3 3

0 .3 2
0.60
0 .3 1

0 .3 0
0.40
0 .2 9

0 .2 8
0.20
0 .2 7

0 .2 6
0 .2 5 0.00
2002 2003 2004 2005 2006 2007 2002 2003 2004 2005 2006 2007

36
 Money and Credit

M1 to M2 Ratio M2 to GDP Ratio

0.89 0.50
0.84
0.79 0.47
0.74 0.44
0.69
0.64 0.41
0.59
0.38
0.54
0.49 0.35
2002 2003 2004 2005 2006 2007 2002 2003 2004 2005 2006 2007

Private Se ctor Cre dit to GDP Ratio Private Se ctor Cre dit
8.0 500
7.0
6.0 400
Billion Rupees

5.0
Percent

300
4.0
3.0 200
2.0
100
1.0
0.0 0
2002 2003 2004 2005 2006 2007 2002 2003 2004 2005 2006 2007

S h a re o f N D A a n d N F A in M 2
M2 and RM Growth
M2 RM NDA NFA M2 growth (RHS)
25
120 20

20 100 18
16
80
percent

percent

15
14
60
10 12
40
10
5
20 8
0 0 6
2002 2003 2004 2005 2006 2007
2002 2003 2004 2005 2006 2007

37
State Bank of Pakistan Annual Report FY07

5.4 Causative Factors of Monetary Assets

(Million Rupees)
2006
Item FY 03 FY 04 FY 05 FY 06 FY 07P
Jul Aug Sep

1. Public Sector -69,168 57,272 91,141 86,879 92,844 40,322 7,884 -1,322
1
Percentage Changes (-10.36) (9.57) (13.90) (11.63) (11.14) (4.84) (0.90) (-0.15)

(a) Budgetary support -46,759 62,865 67,152 67,063 102,015 35,962 5,552 -2,338

(b) Commodity operations -26,595 -8,174 21,963 19,926 -9,210 3,869 2,767 -184

(c) Effect of Zakat fund etc. 4,186 2,581 2,026 -110 39 491 -436 1,201

2. Credit to Non-Government Sector (a+b+c) 126,665 315,408 418,699 408,401 385,705 -12,646 5,663 46,749

(a) Credit to Private Sector 145,850 325,215 437,848 401,797 365,718 -12,021 8,498 40,383

Percentage Changes (18.16) (34.27) (34.36) (23.47) (17.30) (-0.57) (0.40) (1.91)

(i) Commercial Banks 163,240 333,458 436,731 417,412 363,591 -15,136 6,708 39,257

(ii) Specialized Banks -17,390 -8,243 1,117 -15,615 2,128 3,115 1,790 1,126

(b) Credit to Public Sector Enterprises (PSEs) -11,586 -2,917 -12,689 7,643 19,689 -825 -2,835 6,366

(i) Autonomous bodies -4,789 -21,077 -2,069 4,755 21,169 567 -3,548 6,215

(ii) Others -3,177 21,466 -9,014 2,399 -1,227 -1,392 740 151

(iii) PSEs Special Account-Debt Repayment with SBP -3,620 -3,306 -1,606 489 -253 0 -28 0

(c) Other Financial Instituations (SBP credit to NBFIs) -7,600 -6,891 -6,460 -1,038 298 200 0 0

3. Counter-part Funds -50 -42 88 -7 27 0 48 -59

4. Other Items (net) -39,795 -9,146 -88,524 -122,416 -94,877 -36,928 40,576 -1,547

5. Domestic Credit Expansian (1+2+3+4) 17,652 363,491 421,404 372,857 383,699 -9,252 54,170 43,821

Percentage Changes (1.16) (23.62) (22.15) (16.05) (14.23) (-0.34) (2.02) (1.60)

(a) SBP -228,222 37,479 130,325 22,565 -66,839 69,136 -4,735 39,709

Percentage Changes (-89.36) (137.93) (201.58) (11.57) (-30.72) (31.78) (-1.65) (14.08)

(b) Scheduled Banks 245,873 326,013 291,079 350,292 450,537 -78,388 58,906 4,112

Percentage Changes (19.42) (21.57) (15.84) (16.46) (18.17) (-3.16) (2.45) (0.17)

6. Foreign Assets (Net) 308,946 43,526 53,748 73,403 274,551 -44,403 -10,350 -9,297

Percentage Changes (133.91) (8.07) (8.44) (11.52) (38.65) (-6.25) (-1.55) (-1.42)

(a) SBP 328,305 50,507 -8,555 61,777 222,703 -23,058 -3,925 -3,874

Percentage Changes (246.10) (10.94) (-1.70) (12.27%) (39.39) (-4.08) (-0.72) (-0.72)

(b) Scheduled Banks -19,359 -6,981 6,2303 11,626 51,848 -21,345 -6,425 -5,423

Percentage Changes (-19.89) (-8.95) (46.75) (8.72) (35.78) (-14.73) (-5.20) (-4.63)

7. Monetary Expansion (5+6) 326,598 407,018 475,152 446,260 658,250 -53,655 43,820 34,524

Percentage Changes (18.64) (19.58) (19.12) (15.07) (19.32) (-1.57) (1.31) (1.02)

1 Year on Year (Contd.)

38
 Money and Credit

5.4 Causative Factors of Monetary Assets

(Million Rupees)

2006 2007
Item
Oct Nov Dec Jan Feb Mar Apr May JunP

1. Public Sector 38,954 -27,594 -38,299 -7,588 23,930 39,369 45,065 49,305 -77,182

Percentage Changes (4.42) (-3.00) (-4.29) (-0.89) (2.83) (4.53) (4.96) (5.17) (-7.69)

(a) Budgetary support 44,321 -20,814 -25,404 1,384 33,110 50,092 49,123 9,890 -78,861

(b) Commodity operations -2,799 -6,923 -12,664 -8,534 -9,127 -12,445 -4,361 39,673 1,518

(c) Effect of Zakat fund etc. -2,568 143 -230 -439 -53 1,723 303 -257 161

2. Credit to Non-Government Sector (a+b+c) 26,818 60,300 124,450 -23,043 -6,104 48,165 7,651 7,521 100,182

(a) Credit to Private Sector 35,233 60,749 117,940 -19,620 -4,049 44,706 1,964 -2,785 94,720

Percentage Changes (1.64) (2.78) (5.25) (-0.83) (-0.17) (1.91) (0.08) (-0.12) (3.97)

(i) Commercial Banks 37,066 61,213 118,957 -22,303 -1,508 45,870 2,802 -3,157 93,822

(ii) Specialized Banks -1,834 -464 -1,017 2,683 -2,541 -1,164 -838 372 898

(b) Credit to Public Sector Enterprises (PSEs) -8,415 -470 4,800 -3,468 -363 3,488 5,569 10,311 5,531

(i) Autonomous bodies -2,055 -181 3,476 -3,137 629 1,013 5,674 4,037 8,479

(ii) Others -6,333 -176 1,350 -331 -965 2,475 -105 6,282 -2,923

(iii) PSEs Special Account-Deb Repayment with SBP -27 -113 -26 0 -27 0 0 -7 -25

(c) Other Financial Instituations (SBP credit to NBFIs) 0 21 1,709 45 -1,692 -28 118 -6 -69

3. Counter-part Funds 0 53 -7 0 -2 5 0 -2 -7

4. Other Items (net) -26,273 5,209 25,603 -41,196 1,437 -27 -29,786 -6,323 -25,621

5. Domestic Credit Expansian (1+2+3+4) 39,499 37,967 111,747 -71,828 19,260 87,512 22,930 50,501 -2,629

Percentage Changes (1.42) (1.34) (3.90) (-2.41) (0.66) (2.99) (0.76) (1.67) (-0.09)

(a) SBP 49,661 -29,456 5,717 -60,474 408 -20,607 -15,428 28,803 -129,573

Percentage Changes (15.44) (-7.93) (1.67) (-17.40) (0.14) (-7.17) (-5.78) (11.45) (-46.23)

(b) Scheduled Banks -10,161 67,423 106,030 -11,354 18,852 108,119 38,358 21,698 126,944

Percentage Changes (-0.41) (2.75) (4.21) (-0.43) (0.72) (4.10) (1.40) (0.78) (4.53)

6. Foreign Assets (Net) 9,349 -2,838 46,489 22,906 20,427 36,616 9,689 -965 196,928

Percentage Changes (1.45) (-0.43) (7.12) (3.28) (2.83) (4.93) (1.24) (-0.12) (24.99)

(a) SBP 4,696 5,752 23,247 14,175 8,245 17,789 12,061 8,541 159,055

Percentage Changes (0.88) (1.07) (4.27) (2.49) (1.42) (3.01) (1.98) (1.38) (25.28)

(b) Scheduled Banks 4,653 -8,589 23,242 8,731 12,182 18,827 -2,372 -9,506 37,873

Percentage Changes (4.17) (-7.38) (21.56) (6.66) (8.72) (12.39) (-1.39) (-5.65) (23.84)

7. Monetary Expansion (5+6) 48,848 35,130 158,236 -48,922 39,687 124,128 32,619 49,536 194,299

Percentage Changes (1.42) (1.01) (4.50) (-1.33) (1.09) (3.39) (0.86) (1.30) (5.02)

P: Provisional Source: Monetary Policy Department, SBP

Note: The composition of autonomous bodies has changed over the years. At present WAPDA, OGDC, KESC, PTCL, PIA and Pak Steel are included in the list of

autonomous bodies

39
State Bank of Pakistan Annual Report FY07

5.5 State Bank of Pakistan- Issue Department

Liabilities and Assets

(Million Rupees)
As on 30th June 2006
Liabilities/Assets
2003 2004 2005 2006 2007 Jul. Aug. Sep.

Liabilities

Notes held in the Banking

Department 214.2 160.8 145.6 139.3 135.6 133.3 127.7 223.3

Notes in Circulation 522,676.9 611,742.9 705,720.1 784,235.9 893,292.8 785,680.0 784,281.1 812,447.7

Total Liabilities / Assets 522,891.1 611,903.7 705,865.7 784,375.2 893,428.4 785,813.3 784,408.9 812,671.0

Assets

Gold and Foreign Assets 500,898.3 562,214.7 538,771.4 644,227.4 779,767.0 620,720.3 613,691.7 589,084.0

Gold Coins and Bullion 1 41,246.5 47,532.1 53,870.0 76,317.3 81,277.1 76,317.3 76,317.3 76,317.3

Approved Foreign Exchange 2 459,116.6 514,138.8 484,308.4 567,347.6 697,851.6 543,840.4 536,811.8 512,204.2

India Notes 3 535.2 543.8 593.0 562.6 638.2 562.6 562.6 562.6

Domestic Assets 20,988.3 48,549.2 165,842.3 138,529.4 111,921.1 163,474.6 169,098.8 221,968.6

Rupee Coins / Notes 2,351.1 2,799.2 2,961.2 2,865.5 3,012.3 2,803.4 2,799.1 2,761.2

Govt. of Pakistan Securities 18,558.7 45,671.5 162,802.6 135,585.4 108,830.3 160,592.6 166,221.2 219,128.9

Internal Bills of Exchange

& Other Commercial Papers 78.5 78.5 78.5 78.5 78.5 78.5 78.5 78.5

With Reserve Bank of India

pending transfer to Pakistan 1,004.5 1,139.8 1,252.0 1,618.4 1,740.3 1,618.4 1,618.4 1,618.4

(Contd.)

40
 Money and Credit

5.5 State Bank of Pakistan- Issue Department

Liabilities and Assets

(Million Rupees)
2006 2007
Liabilities/Assets
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun.

Liabilities

Notes held in the Banking

Department 170.9 129.7 140.9 157.3 205.1 198.2 199.4 168.3 135.6

Notes in Circulation 880,553.3 856,833.4 917,808.9 880,468.5 879,550.4 879,275.0 882,947.4 903,257.3 893,292.8

Total Liabilities / Assets 880,724.2 856,963.1 917,949.9 880,625.8 879,755.6 879,473.0 883,146.8 903,425.5 893,428.4

Assets

Gold and Foreign Assets 601,432.1 610,829.7 638,608.5 633,332.5 649,091.2 671,046.9 690,418.2 688,407.4 779,767.0

Gold Coins and Bullion 1 76,317.3 76,317.3 76,317.3 76,317.3 76,317.3 76,317.3 76,317.3 76,317.3 81,277.1

Approved Foreign Exchange 2 524,552.4 533,949.8 561,728.7 556,452.6 572,211.3 594,167.0 613,538.4 611,527.6 697,851.6

India Notes 3 562.6 562.6 562.6 562.6 562.6 562.6 562.6 562.6 638.2

Domestic Assets 277,673.6 244,515.0 277,722.9 245,674.9 229,045.9 206,808.0 191,110.1 213,399.7 111,921.1

Rupee Coins / Notes 2,714.4 2,653.3 2,640.0 2,616.0 2,945.7 2,963.5 2,937.0 2,915.7 3,012.3

Govt. of Pakistan Securities 274,880.8 241,783.2 275,004.4 242,980.4 226,021.7 203,766.0 188,094.7 210,405.5 108,830.3

Internal Bills of Exchange

& Other Commercial Papers 78.5 78.5 78.5 78.5 78.5 78.5 78.5 78.5 78.5

With Reserve Bank of India

pending transfer to Pakistan 1,618.4 1,618.4 1,618.4 1,618.4 1,618.4 1,618.4 1,618.4 1,618.4 1,740.3

1 Gold is valued at the end of financial year on the basis of closing London Bullion Market Rate. Source: Finance Department, SBP

2 Including SDR held with IMF we.f June 2004 and ownward.

3 Receivable from Reserve Bank of India.

Note : Monthly data relates to last Saturday of the month except quarter-end data that is of last working day of the month.Yearly data relates to the 30th June

41
State Bank of Pakistan Annual Report FY07

5.6 State Bank of Pakistan- Banking Department

Liabilities

(Million Rupees)
As on 30th June 2006
Liabilities
2003 2004 2005 2006 2007 Jul. Aug. Sep.

Capital Paid-up 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Reserve Fund 5,414.5 5,414.5 5,414.5 15,414.5 55,838.8 15,414.5 15,414.5 15,414.5

Rural Credit Fund 2,600.0 2,600.0 2,600.0 2,600.0 2600.0 2,600.0 2,600.0 2,600.0

Industrial Credit Fund 1,600.0 1,600.0 1,600.0 1,600.0 1,600.0 1,600.0 1,600.0 1,600.0

Export Credit Fund 1,500.0 1,500.0 1,500.0 1,500.0 1,500.0 1,500.0 1,500.0 1,500.0

Loans Guarantee Fund 900.0 900.0 900.0 900.0 900.0 900.0 900.0 900.0

Housing Credit Fund 4,700.0 4,700.0 4,700.0 4,700.0 4,700.0 4,700.0 4,700.0 4,700.0

Deposits 496,349.7 466,655.8 562,770.5 618,068.8 713,584.5 642,103.6 632,481.3 662,143.9

Federal Govt. 36,841.9 2,681.5 47,286.1 69,952.5 72,131.9 71,714.5 72,395.4 59,763.3

Provincial Govts. 32,836.0 34,207.5 45,632.0 66,644.6 62,565.7 47,855.2 45,241.8 74,518.7

Banks 140,989.7 156,204.2 196,302.3 207,574.3 305,168.6 250,184.1 242,112.3 255,091.1

Other 285,682.1 273,562.7 273,550.2 273,897.5 273,718.3 272,349.8 272,731.8 272,770.7

Allocation of S.D.R.1 1,526.0 1,526.0 1,526.0 1,526.0 1,526.0 1,526.0 1,526.0 1,526.0

Bills Payable 671.9 494.4 1,099.7 472.7 571.9 221.9 245.6 151.7

Revaluation Account 38,883.2 45,205.6 51,646.6 74,406.9 79,440.9 74,406.9 74,406.9 74,406.9

Other Liabilities 35,628.3 38,946.0 54,792.1 183,199.2 176,548.6 129,996.3 173,120.9 163,713.4

Total Liabilities 589,873.6 569,642.3 688,649.4 904,488.6 1,038,910.7 875,069.2 908,595.1 928,756.3

42
 Money and Credit

5.6 State Bank of Pakistan- Banking Department

Liabilities

(Million Rupees)
2006 2007
Liabilities
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun.

Capital Paid-up 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Reserve Fund 15,414.5 34,556.5 34,556.5 34,556.5 34,556.5 34,556.5 34,556.5 34,556.5 55,838.8

Rural Credit Fund 2,600.0 2,600.0 2,600.0 2,600.0 2,600.0 2,600.0 2,600.0 2,600.0 2600.0

Industrial Credit Fund 1,600.0 1,600.0 1,600.0 1,600.0 1,600.0 1,600.0 1,600.0 1,600.0 1,600.0

Export Credit Fund 1,500.0 1,500.0 1,500.0 1,500.0 1,500.0 1,500.0 1,500.0 1,500.0 1,500.0

Loans Guarantee Fund 900.0 900.0 900.0 900.0 900.0 900.0 900.0 900.0 900.0

Housing Credit Fund 4,700.0 4,700.0 4,700.0 4,700.0 4,700.0 4,700.0 4,700.0 4,700.0 4,700.0

Deposits 621,498.8 640,303.4 636,420.8 642,773.0 641,613.8 661,888.7 638,736.8 649,922.8 713,584.5

Federal Govt. 58,508.5 63,303.9 49,197.5 69,150.6 49,844.9 34,563.4 59,675.6 57,631.8 72,131.9

Provincial Govts. 36,969.7 36,571.7 50,380.5 48,818.9 55,092.6 92,483.1 48,701.0 46,543.9 62,565.7

Banks 254,333.5 268,652.4 264,356.0 253,470.1 265,158.4 262,228.0 257,617.3 275,034.5 305,168.6

Other 271,687.2 271,775.4 272,486.9 271,333.4 271,517.9 272,614.2 272,742.9 270,712.6 273,718.3

Allocation of S.D.R. 1,526.0 1,526.0 1,526.0 1,526.0 1,526.0 1,526.0 1,526.0 1,526.0 1,526.0

Bills Payable 149.5 161.8 152.8 180.8 574.6 244.2 182.4 150.9 571.9

Revaluation Account 74,406.9 74,406.9 74,406.9 74,406.9 74,406.9 74,406.9 74,406.9 74,406.9 79,440.9

Other Liabilities 166,445.5 98,450.1 112,684.2 153,571.1 118,738.1 151,358.5 135,794.9 148,416.3 176,548.6

Total Liabilities 890,841.1 860,804.6 871,147.1 918,414.2 882,815.7 935,380.7 896,603.6 920,379.4 1,038,910.7

1 Specail Drawing Rights Source: Finance Department, SBP

43
State Bank of Pakistan Annual Report FY07

5.7 State Bank of Pakistan- Banking Department

Assets

(Million Rupees)
As on 30th June 2006
Assets
2003 2004 2005 2006 2007 Jul. Aug. Sep.

Notes and Coins 1 214.3 160.8 145.6 139.3 135.6 133.3 127.7 223.3
Bills Purchased and Discounted
(Internal) 37.0 37.0 37.0 37.0 37.0 37.0 37.0 37.0

Govt. Treasury Bills - - - - - - - -

Balances held outside Pakistan 104,384.6 132,021.4 139,513.3 121,824.0 152,719.3 121,226.2 124,946.2 146,018.1

S.D.R. held with I.M.F. 14,092.1 - 1,774.6 1,088.6 418.5 1,089.4 1,024.5 1,023.4

Govt. Debtor Balance - 5,533.1 10,814.0 16,404.3 10,820.4 18,146.9 18,444.9 15,733.1

Loans and Advances to

Govts. - - - - - - - -

Other Loans and Advances (a+b) 157,934.3 183,132.9 197,241.4 207,794.2 267,492.9 205,675.4 204,999.6 210,413.0

Loans and Advances to Scheduled

(a) Banks 130,548.5 161,887.8 181,987.3 193,578.5 253,419.3 191,259.4 190,583.6 195,997.0
Agricultural Sector 55,686.8 58,005.3 59,753.3 62,194.7 62,228.2 7,320.8 7,415.8 8,182.1
Industrial Sector 2,800.3 2,328.8 1,498.5 7,297.3 42,149.7 58,194.7 62,689.7 62,689.7
Export Sector 56,780.4 88,292.3 109,446.9 107,982.2 134,621.3 109,639.5 104,373.7 110,708.9
Housing Sector 66.9 66.9 - - - - - -
Others 15,214.1 13,194.5 11,288.6 16,104.3 14,420.1 16,104.3 16,104.3 14,416.3

(b) Loans and Advances to Non-Bank

Financial Institutions 27,385.8 21,245.1 15,254.0 14,215.7 14,073.6 14,416.0 14,416.0 14,416.0
Industrial Sector 5,191.0 4,418.0 595.0 831.7 2,831.3 1,031.9 1,031.9 1,031.9
Housing Sector 14,157.3 12,607.3 11,242.3 11,242.3 11,242.3 11,242.3 11,242.3 11,242.3
Others 8,037.5 4,219.8 3,416.7 2,141.7 - 2,141.7 2,141.7 2,141.7

Investments 134,112.9 124,564.0 199,272.6 408,378.1 373,066.8 379,746.4 406,490.3 384,524.8

Scheduled Banks 38,954.7 34,000.8 28,273.8 24,664.3 18,058.5 24,664.3 24,664.3 24,664.3
Non –Bank Financial Institutions 2,497.1 1,747.1 1,673.4 1,673.4 2,113.4 1,673.4 1,673.4 1,673.4
Govt. Securities 91,753.6 87,524.9 168,392.0 380,997.3 351,843.9 352,365.6 379,109.5 357,144.0
Others 907.6 1,291.2 933.5 1,043.2 1,051.0 1,043.2 1,043.2 1,043.2

Other Assets 179,098.3 124,193.1 139,850.8 148,823.1 234,220.1 149,014.6 152,525.0 170,783.6

Total Assets 589,873.6 569,642.3 688,649.3 904,488.6 1,038,910.7 875,069.2 908,595.1 928,756.3

44
 Money and Credit

5.7 State Bank of Pakistan- Banking Department

Assets

(Million Rupees)
2006 2007
Assets Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun.

1
Notes and Coins 170.9 129.7 140.9 157.3 205.1 198.2 199.4 168.3 135.6
Bills Purchased and
Discounted (Internal) 37.0 37.0 37.0 37.0 37.0 37.0 37.0 37.0 37.0

Govt. Treasury Bills - - - - - - - - -

Balances held outside Pakistan 138,758.5 129,613.4 128,433.7 129,307.8 138,013.0 137,224.5 125,611.0 136,311.1 152,719.3

S.D.R. held with I.M.F. 1,022.6 964.7 758.6 753.5 687.6 692.0 704.4 631.8 418.5

Govt. Debtor Balance 17,213.0 15,450.8 6,560.1 8,162.8 14,645.0 9,533.7 12,722.1 10,268.3 10,820.4

Loans and Advances to

Govts. - - - - - - - - -

Other Loans and Advances (a+b) 223,654.9 237,440.4 266,861.8 265,031.8 265,615.2 265,831.1 268,890.8 269,344.4 267,492.9

Loans and Advances to Scheduled

(a) Banks 209,238.9 223,003.9 250,715.8 248,841.8 251,116.5 251,800.7 254,742.3 255,201.5 253,419.3
Agricultural Sector 62,682.8 63,182.8 63,183.5 59,183.5 59,183.5 60,183.5 60,183.5 60,183.5 62,228.2
Industrial Sector 13,283.8 21,745.3 41,382.5 41,618.9 42,046.9 41,462.6 41,776.6 42,205.8 42,149.7
Export Sector 118,855.9 123,659.5 131,733.6 133,621.2 135,467.9 135,736.4 138,364.0 138,394.0 134,621.3
Housing Sector - - - - - - - - -
Others 14,416.3 14,416.2 14,416.2 14,418.2 14,418.2 14,418.2 14,418.2 14,418.2 14,420.1

(b) Loans and Advances to Non-Bank

Financial Institutions 14,416.0 14,436.5 16,146.0 16,190.8 14,498.7 14,030.4 14,148.5 14,142.9 14,073.6
Industrial Sector 1,031.9 1,122.5 2,832.0 2,876.8 2,711.4 2,788.1 2,906.2 2,900.6 2,831.3
Housing Sector 11,242.3 11,242.3 11,242.3 11,242.3 11,242.3 11,242.3 11,242.3 11,242.3 11,242.3
Others 2,141.7 2,071.7 2,071.7 2,071.7 545.0 - - - -

Investments 342,978.4 326,590.4 320,022.9 350,525.3 311,927.9 370,345.9 334,436.5 328,831.0 373,066.8
Scheduled Banks 24,664.3 25,104.3 25,104.3 25,104.3 25,104.3 24,664.3 24,664.3 24,664.3 18,058.5
Non –Bank Financial Institutions 1,673.4 1,673.4 1,673.4 1,673.4 1,673.4 2,113.4 2,113.4 2,113.4 2,113.4
Govt. Securities 315,611.2 298,783.2 292,215.7 322,760.7 284,163.3 342,535.0 306,639.3 301,036.0 351,843.9
Others 1,029.5 1,029.5 1,029.5 987.0 987.0 1,033.2 1,019.6 1,017.4 1,051.0

Other Assets 167,005.9 150,578.2 148,332.1 164,437.9 151,684.9 151,518.4 154,002.5 174,787.5 234,220.1

Total Assets 890,841.1 860,804.6 871,147.1 918,414.2 882,815.7 935,380.7 896,603.6 920,379.4 1,038,910.7

1 Include one rupee and above coins, rupee notes and subsidiary coins. Source: Finance Department, SBP

45
State Bank of Pakistan Annual Report FY07

5.8 Credit Plan -Targets and Actuals

(Billion Rupees)
FY 05 FY 06 FY 07
Sectors
Targets Actuals Targets Revised Actuals Targets Actuals P

I) Government Sector Borrowings (Net) 47.0 91.1 120.0 - 86.9 130.1 92.8

(a) Net Budgetary Borrowing 45.0 67.2 98.0 - 67.1 120.1 102.0

(b) For Commodity Operations 5.0 22.0 20.0 - 19.9 10.0 -9.2

(c) Net effect of Zakat

Fund/Privatization -3.0 2.0 2.0 - -0.1 - 0.04

II) Non-Government Sector (a+b+c) 190.0 418.7 320.0 - 408.4 395.0 385.7

(a) Public Sector Enterprises including

autonomous bodies -5.0 -12.7 -10.0 - 7.6 5.0 19.7

(b) Private Sector 200.0 437.8 330.0 - 401.8 390.0 365.7

(i) Commercial Banks - 436.7 - - 417.4 - 363.6

(Export Finance) - 23.2 - - - -

(ii) Specialized Banks - 1.1 - - -15.6 - 2.1

PPCB/ ZTBL - 3.7 - - -13.3 - 3.9

IDBP - -2.6 - - -2.3 - -1.8

(c) Other Financial Institutions

(SBP credit to NBFIs) -5.0 -6.5 - - -1.0 - 0.3

III) Other Items (Net) 13.0 -88.4 -75.0 - -122.4 -75.0 -94.8

IV) Net Domestic Assets (I+II+III) 250.0 421.4 365.0 - 372.9 450.1 383.7

V) Net Foreign Assets 30.0 53.7 15.0 - 73.4 9.8 274.5

VI) Monetary Assets (IV+V) 280.0 475.2 380.0 - 446.3 459.9 658.2

46
 Money and Credit

5.9 Secondary Market Transactions in Government Securities

(Billion Rupees)
FY 07
Security/Transactions FY 06 FY 07
Jul Aug Sep Oct. Nov Dec Jan Feb Mar Apr May Jun
PIBs
Purchases 1,403.0 958.6 71.9 74.6 63.1 100.9 86.7 93.5 89.0 55.0 91.0 70.2 86.1 76.6
Repo 77.6 34.3 2.7 1.9 1.6 1.8 3.4 5.9 1.1 2.9 2.8 1.2 4.1 5.2
Non Banks
Outright 15.2 47.8 2.2 0.1 1.3 11.7 0.7 10.5 0.5 0.5 4.1 5.9 1.7 8.5
Repo 1,180.7 757.6 64.6 70.6 58.0 81.4 74.7 66.2 78.8 43.6 60.3 51.2 56.1 52.0
Banks
Outright 24.6 87.7 1.4 0.5 1.4 4.7 4.6 8.1 6.6 6.0 20.1 8.7 17.3 8.3
Repo 104.9 31.1 1.0 1.4 0.8 1.3 3.3 2.9 2.1 2.0 3.7 3.2 6.9 2.6
SBP
Outright
Sales 1,403.0 958.6 71.9 74.6 63.1 100.9 86.7 93.5 89.0 55.0 91.0 70.2 86.1 76.6
Repo 314.3 340.4 29.6 25.4 23.9 33.4 35.3 25.2 21.9 11.3 29.8 30.4 37.3 37.0
Non Banks
Outright 4.7 10.0 0.6 0.3 0.7 0.4 1.0 1.8 0.4 0.6 1.5 0.8 1.3 0.6
Repo 1,047.6 481.0 38.6 48.5 36.5 51.1 46.1 49.7 60.1 37.2 37.0 23.5 29.8 22.8
Banks
Outright 35.1 127.2 3.0 0.4 2.1 16.0 4.3 16.8 6.6 5.8 22.7 15.4 17.7 16.3
Repo 1.4 - - - - - - - - - - - - -
SBP
Outright - - - - - - - - - - - - - -
Net Position - - - - - - - - - - - - - -
FIBs
Purchases - - - - - - - - - - - - - -
Non Banks - - - - - - - - - - - - - -
Banks - - - - - - - - - - - - - -
SBP - - - - - - - - - - - - - -
Sales - - - - - - - - - - - - - -
Non Banks - - - - - - - - - - - - - -
Banks - - - - - - - - - - - - - -
SBP - - - - - - - - - - - - - -
Net Position - - - - - - - - - - - - - -
Treasury Bills
Purchases 6,929.8 9,040.2 742.1 604.3 689.4 634.6 818.9 753.1 466.5 692.5 848.5 877.8 949.4 963.1
Repo 43.9 94.9 3.7 5.7 5.1 3.3 7.7 11.8 8.5 4.3 4.3 7.2 8.7 24.8
Non Banks
Outright 116.3 119.9 7.7 38.5 12.1 18.6 3.5 7.2 7.9 1.5 6.1 7.4 0.3 9.2
Repo 5,909.0 7,689.9 665.3 520.4 593.6 578.0 701.5 646.1 395.7 591.9 681.9 742.3 763.5 809.8
Banks
Outright 331.5 431.9 29.3 1.0 12.6 8.4 31.8 29.6 48.8 62.4 59.1 72.8 31.2 45.0
SBP 529.1 703.6 36.1 38.8 65.9 26.4 74.4 58.5 5.6 32.4 97.2 48.2 145.8 74.3
Sales 6,929.8 9,040.2 742.1 604.3 689.4 634.6 818.9 753.1 466.5 692.5 848.5 877.8 949.4 963.1
Repo 540.2 285.3 11.4 7.2 15.7 49.4 33.3 14.6 11.0 33.6 37.1 36.3 19.6 16.3
Non Banks
Outright 28.3 81.9 0.8 0.1 0.2 0.9 1.9 1.6 5.6 2.4 2.7 54.3 3.5 8.0
Repo 5,941.9 7,228.5 559.7 461.8 562.0 477.0 688.5 584.6 338.6 583.3 704.1 624.7 887.0 757.3
Banks
Outright 419.5 518.4 36.7 39.4 24.5 26.1 33.4 35.2 51.1 61.5 62.5 73.8 28.0 46.2
SBP - 926.2 133.5 95.9 87.0 81.3 61.9 117.2 60.2 11.7 42.1 88.8 11.4 135.3
Net Position - - - - - - - - - - - - - -
Source: Domestic Markets & Monetary Management Department,SBP

47
State Bank of Pakistan Annual Report FY07

5.10 Profile of Pakistan Investment Bonds (PIBs)

Auction Amount Amount Price

Settlement Coupon Offered Accepted Accepted Cut-off Yield Weighted Average
Date Tenure Rate (%) (Million Rs.) (Million Rs.) = Rs.100 Accepted (%) Yield Accepted (%)

FY05
28-03-05 3-Years 6.00 300.00 50.00 99.06 6.3500 6.3500
5-Years 7.00 400.00 50.00 97.95 7.5000 7.5000
10-Years 8.00 438.00 44.00 99.32 8.1000 8.1000

FY06
19-05-06 3-Years 9.10 3,896.20 3,205.20 99.10 9.4515 9.3887
5-Years 9.30 6,526.20 4,608.14 98.57 9.6674 9.6461
10-Years 9.60 5,590.00 3,424.05 98.28 9.8746 9.8454
FY07
31-10-06 3-Years 9.10 4,055.00 3,502.50 98.34 9.8469 9.7776
5-Years 9.30 2,150.00 1,392.40 97.64 9.9545 9.9298
10-Years 9.60 6,775.00 3,644.20 95.10 10.4203 10.3945
15-Years 10.00 3,650.00 3,000.00 93.28 10.9207 10.8504
20-Years 10.50 4,150.00 4,000.00 94.08 11.2500 11.1727

22-12-06 3-Years 9.10 9,350.00 1,473.60 98.64 9.7393 9.7165

5-Years 9.30 2,700.00 694.20 97.53 10.0017 10.0017
10-Years 9.60 5,998.00 2,885.10 94.53 10.5270 10.5072
15-Years 10.00 4,000.00 4,000.00 92.05 11.1005 11.0578
20-Years 10.50 5,000.00 4,000.00 92.80 11.4203 11.3924
30-Years 11.00 8,000.00 8,000.00 94.21 11.7006 11.6802

06-03-07 3-Years 9.10 11,825.00 3,085.30 99.45 9.3690 9.3529

5-Years 9.30 14,325.00 4,095.50 98.40 9.7652 9.7516
10-Years 9.60 19,675.00 9,560.80 96.45 10.1988 10.1536
15-Years 10.00 2,200.00 400.00 92.90 10.9815 10.9538
20-Years 10.50 4,000.00 REJECED REJECED REJECED REJECED
30-Years 11.00 4,000.00 REJECED REJECED REJECED REJECED

23-04-07 3-Years 9.10 6,350.00 1,752.00 99.56 9.3315 9.3310

5-Years 9.30 10,100.00 1,479.50 98.93 9.6197 9.6189
10-Years 9.60 20,500.00 7,181.00 96.87 10.1332 10.1296
15-Years 10.00 1,650.00 975.00 92.96 10.9800 10.9707
20-Years 10.50 4,000.00 1,525.00 94.49 11.1999 11.1769
30-Years 11.00 6,500.00 4,500.00 95.05 11.5906 11.5459

06-06-07 3-Years 9.10 3,169.00 1,069.00 99.61 9.3180 9.3113

5-Years 9.30 8,462.00 2,512.00 99.19 9.5480 9.5282
10-Years 9.60 11,600.00 6,850.00 96.95 10.1244 10.1059
15-Years 10.00 1,125.00 875.00 92.93 10.9857 10.9612
20-Years 10.50 3,025.00 1,725.00 94.47 11.2016 11.1831
30-Years 11.00 4,800.00 3,600.00 95.05 11.5937 11.5736

Source: Domestic Markets & Monetary Management Department,SBP

48
 Money and Credit

5.11 Sale / Purchase of Treasury Bills under Open

Market Operation by SBP with Banks
(Billion Rupees )
Sale (Absorption) Purchase (Injection)
Period Bid Amount Percent Rate of Amount Percent Rate of
Offered Accepted Accepted Return (%) Offered Injected Injected Return (%)

FY 03 127.5 66.9 52.5 3.60 87.45 54.8 62.7 6.50

FY 04 560.5 410.9 73.3 1.30 123.0 76.7 62.4 2.00
FY 05 798.7 611.2 76.5 3.40 76.4 44.3 58.0 5.80
FY 06 881.1 643.8 73.1 7.80 716.45 429.5 59.9 8.30
FY 07 1,138 936.0 82.2 8.37 109.6 72.0 65.7 8.97
FY 07
Jul 159.3 133.5 83.8 7.60 - - -
Aug 131.9 105.7 80.1 8.37 27.2 21.2 77.9 9.10
Sep 107.0 87.0 81.3 8.38 - - - -
Oct 92.9 81.3 87.5 8.51 - - - -
Nov 71.5 61.9 86.6 8.53 - - - -
Dec 124.7 117.2 94.0 8.36 31.3 25.8 82.4 8.75
Jan 69.6 60.2 86.5 8.45 - - - -
Feb 23.9 11.7 49.0 8.32 - - - -
Mar 50.2 42.1 83.9 8.42 51.1 25.0 48.9 9.06
Apr 119.0 88.8 74.6 8.25 - - - -
May 27.0 11.4 42.2 8.70 - - - -
Jun 161.8 135.3 83.6 8.58 - - - -
Source: Domestic Markets & Monetary Management Department,SBP

5.12 SBP 3-Day Repo Facility MTBs / FIBs / PIBs

(Billion Rupees)
Cash Accommodation SBP 3-Day Repo Rates
Months
FY 03 FY 04 FY 05 FY 06 FY 07 Effective from Rate

Jul 94.2 - 0.7 23.9 38.9 5-Jan-00 11.00%

Aug 9.5 - 10.6 48.2 19.0 19-Sep-00 12.00%
Sep 87.5 - 84.8 45.2 66.7 5-Oct-00 13.00%
Oct 215.0 10.4 63.3 116.5 27.7 7-Jun-01 14.00%
Nov 103.2 0.4 14.1 91.8 77.7 19-Jul-01 13.00%
Dec 29.8 - - 4.5 35.6 17-Aug-01 12.00%
Jan 140.5 1.4 115.1 29.8 7.70 22-Oct-01 10.00%
Feb 2.5 8.3 - 12.0 34.4 23-Jan-02 9.00%
Mar - - 21.7 47.8 75.9 18-Nov-02 7.50%
Apr 6.6 24.7 0.8 243.2 51.3 11-Apr-05 9.00%
May - 1.2 70.8 55.2 174.9 31-July-06 9.50%
Jun - - 139.6 44.0 76.8
Total 688.9 46.5 521.5 762.2 686.7
Average
per month 57.4 3.9 43.5 63.5 57.2
per day 1.9 0.1 1.4 2.1 1.9
Rate 7.50% 7.50% 9.00% 9.00% 9.50%

Source: Domestic Markets & Monetary Management Department,SBP

49
State Bank of Pakistan Annual Report FY07

5.13 KIBOR
(Percent per annum)
1 Week 2 Week 1Month 3 Month 6 Month 9 Month 12 Month
Period
Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid Offer

Year Average 3.7 4.7 3.9 4.4 3.8 4.3 3.8 4.3 4.0 4.5 - - - -
FY 03
End-Year 2.3 3.3 2.1 2.6 1.9 2.4 1.8 2.3 1.9 2.4 - - - -

Year Average 1.2 2.2 1.4 1.9 1.5 2.0 1.6 2.1 1.8 2.3 2.4 2.9 2.6 3.1
FY 04
End-Year 2.9 3.9 2.3 2.8 2.1 2.6 2.3 2.8 2.5 2.9 2.9 3.4 3.0 3.6

Year Average 3.6 4.6 3.9 4.4 4.2 4.7 4.7 5.2 5.3 5.7 5.6 6.0 5.8 6.3
FY 05
End-Year 8.2 9.2 7.9 8.4 7.7 8.2 7.8 8.3 8.2 8.7 8.5 9.0 8.8 9.3

Year Average 7.9 8.9 8.1 8.6 8.2 8.7 8.4 8.9 8.7 9.2 8.9 9.4 9.2 9.7
FY 06
End-Year 7.0 8.0 7.8 8.3 8.1 8.6 8.7 9.2 9.1 9.6 9.4 9.9 9.6 10.1

Year Average 8.6 9.6 8.8 9.3 9.1 9.6 9.6 10.1 9.9 10.4 10.1 10.6 10.3 10.8
FY 07
End-Year 8.9 9.9 8.8 9.3 8.9 9.4 9.1 9.6 9.5 10.0 9.8 10.3 9.9 10.4

FY 07
Jul Month Average 8.1 9.1 8.5 9.0 8.7 9.2 9.0 9.5 9.4 9.9 9.6 10.1 9.8 10.3
End-Month 9.1 10.1 9.4 9.9 9.6 10.1 9.9 10.4 10.2 10.7 10.3 10.8 10.6 11.1
Aug Month Average 8.6 9.6 8.9 9.4 9.1 9.6 9.6 10.1 9.9 10.4 10.2 10.7 10.4 10.9
End-Month 8.6 9.6 8.8 9.3 9.1 9.6 9.5 10.0 9.9 10.4 10.1 10.6 10.4 10.9
Sep Month Average 8.5 9.5 8.7 9.2 9.0 9.5 9.5 10.0 9.9 10.4 10.1 10.6 10.3 10.8
End-Month 8.4 9.4 8.7 9.2 9.0 9.5 9.6 10.1 9.9 10.4 10.1 10.6 10.3 10.8
Oct Month Average 8.6 9.6 8.9 9.4 9.1 9.6 9.8 10.3 10.0 10.5 10.2 10.7 10.4 10.9
End-Month 8.8 9.8 9.0 9.5 9.3 9.8 9.8 10.3 10.1 10.6 10.3 10.8 10.4 10.9
Nov Month Average 8.7 9.7 8.9 9.4 9.1 9.6 9.8 10.3 10.1 10.6 10.3 10.8 10.4 10.9
End-Month 8.8 9.8 8.9 9.4 9.1 9.6 9.8 10.3 10.1 10.6 10.2 10.7 10.4 10.9
Dec Month Average 8.6 9.6 8.9 9.4 9.3 9.8 9.8 10.3 10.1 10.6 10.3 10.8 10.5 11.0
End-Month 9.2 10.2 9.3 9.8 9.5 10.0 9.9 10.4 10.2 10.7 10.3 10.8 10.5 11.0
Jan Month Average 8.7 9.7 9.0 9.5 9.4 9.9 9.8 10.3 10.1 10.6 10.3 10.8 10.5 11.0
End-Month 8.4 9.4 8.8 9.3 9.2 9.7 9.8 10.3 10.0 10.5 10.3 10.8 10.4 10.9
Feb Month Average 8.8 9.8 9.0 9.5 9.2 9.7 9.8 10.3 10.0 10.5 10.2 10.7 10.4 10.9
End-Month 9.0 10.0 9.0 9.5 9.2 9.7 9.7 10.2 10.0 10.5 10.2 10.7 10.4 10.9
Mar Month Average 8.8 9.8 9.0 9.5 9.2 9.7 9.7 10.2 9.9 10.4 10.2 10.7 10.4 10.9
End-Month 8.5 9.5 8.8 9.3 9.1 9.6 9.6 10.0 9.9 10.4 10.1 10.6 10.3 10.8
Apr Month Average 8.5 9.5 8.8 9.3 8.9 9.4 9.4 9.9 9.8 10.3 10.0 10.5 10.1 10.6
End-Month 8.8 9.8 8.9 9.4 8.9 9.4 9.4 9.9 9.7 10.2 9.9 10.4 10.1 10.6
May Month Average 8.8 9.8 8.9 9.4 9.0 9.5 9.3 9.8 9.7 10.2 9.9 10.4 10.0 10.5
End-Month 8.3 9.3 8.5 9.0 8.8 9.3 9.2 9.7 9.6 10.1 9.8 10.3 10.0 10.5
Jun Month Average 8.4 9.4 8.7 9.2 8.8 9.3 9.1 9.6 9.5 10.0 9.8 10.3 10.0 10.5
End-Month 8.9 9.9 8.8 9.3 8.9 9.4 9.1 9.6 9.5 10.0 9.8 10.3 9.9 10.4

KIBOR:Karachi Interbank Offered Rate Source: Domestic Markets & Monetary Management Department,SBP

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 Money and Credit

5.14 Scheduled Banks’ Call Money Borrowings

(Billion Rupees, Percent per annum)
Overnight Call 1 Week Call 2 Week Call 1 Month Call 3 Month Call 6 Month Call 1 Year
Period
Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield

FY07
Jul 85.946 8.750 1.900 7.880 3.660 9.220 9.860 9.870 6.900 9.880 0.300 9.500 - -
Aug 131.202 9.350 10.660 10.210 8.555 10.050 2.890 9.540 1.900 10.040 0.100 9.900 - -
Sep 177.900 9.690 4.410 10.010 3.300 9.480 5.060 9.650 5.710 9.980 - - - -
Oct 142.040 9.800 8.130 9.930 4.930 9.750 5.540 9.960 9.636 9.970 0.100 10.550 - -
Nov 80.610 9.950 2.960 9.410 12.530 10.250 19.720 10.310 3.190 10.510 - - - -
Dec 102.913 9.330 12.295 10.480 6.990 9.910 10.300 9.930 9.800 10.540 0.200 10.250 - -
Jan 101.850 8.600 6.825 8.720 2.360 9.460 7.000 9.900 8.370 10.160 1.200 10.130 - -
Feb 98.955 89.60 2.050 9.060 2.600 9.680 12.970 9.620 3.050 10.370 0.900 10.040 - -
Mar 81.460 8.730 5.530 9.260 0.800 9.490 5.130 9.470 3.720 10.030 3.900 10.820 - -
Apr 146.455 8.250 5.820 9.280 1.150 8.900 9.470 9.510 4.820 9.390 2.850 10.020 0.300 10.200
May 169.530 8.980 3.280 9.050 1.650 9.180 7.340 9.450 6.120 9.660 0.250 10.250 0.100 10.500
Jun 134.200 7.400 12.980 8.850 5.200 9.090 16.690 9.410 4.880 9.310 - - 0.100 10.100

5.15 Scheduled Banks’ Repo Money Borrowings-Yield1

Period Overnight Call 1 Week Call 2 Week Call 1 Month Call 2 Month Call 3 Month Call 4 Month Call 6 Month Call

FY07
Jul 8.1000 8.0900 8.3400 8.2000 8.3000 8.5600 8.3700 -
Aug 8.3700 8.4800 8.5600 8.5500 8.5600 8.8100 8.8100 8.8200
Sep 8.6200 8.6200 8.5300 8.4700 8.6700 8.7000 8.6900 8.8100
Oct 8.6900 8.7500 8.7500 8.6500 8.5800 8.7200 8.6900 -
Nov 9.0200 8.7700 8.7600 8.6900 8.7100 8.8700 - -
Dec 8.2200 8.7600 8.5900 8.6800 8.7800 8.8600 - -
Jan 8.4400 8.5000 8.6700 8.7200 8.7700 8.9300 - 8.8200
Feb 8.8000 8.7300 8.9400 8.8000 8.8300 8.8900 - -
Mar 8.9500 8.9900 8.9100 8.9200 8.9000 8.9200 8.9100 -
Apr 8.3200 8.6300 8.6800 8.7600 8.8000 8.8800 - 8.8000
May 9.1600 8.9400 9.0000 8.8800 8.9200 8.9400 9.0600 -
Jun 7.7100 8.4700 8.7500 8.7400 8.8500 8.9500 - -

1: Weighted average Source: Domestic Markets & Monetary Management Department,SBP

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State Bank of Pakistan Annual Report FY07

5.16 Indicative Inter-Bank Average Repo and Call Rates

(Percent per annum)
Overnight 1 Week 1 Month 3 Month 6 Month 12 Month
Period
Repo Call Repo Call Repo Call Repo Call Repo Call Repo Call

FY 03 2.0 2.1 1.9 2.1 1.9 2.0 1.9 2.1 2.1 2.3 2.6 2.7

FY 04 2.4 2.7 2.2 2.7 2.3 2.5 2.5 2.8 2.9 3.1 3.4 3.4

FY 05 5.3 6.1 5.7 6.4 6.1 6.7 6.5 7.2 6.9 7.8 7.5 8.3

FY 06 8.5 8.8 8.3 8.5 8.3 8.8 8.3 9.1 8.5 9.4 8.7 9.6

FY 07 8.4 8.9 8.6 9.5 8.8 9.5 8.9 10.1 3.00 7.5 - 3.4

FY 07

Jul
7.9 8.6 7.9 8.2 8.4 9.5 8.6 9.8 - 7.6 - -
Aug
8.3 9.3 8.6 10.0 8.8 9.5 8.9 10.0 8.8 9.9 - -
Sep
8.5 9.3 8.6 9.9 8.8 9.5 9.0 10.0 8.8 - - -
Oct
8.6 9.3 8.8 9.8 8.7 9.6 9.0 10.3 - 10.6 - -
Nov
8.9 9.6 8.7 9.5 8.8 9.7 8.9 10.8 - - - -
Dec
8.2 8.5 8.7 10.5 8.8 9.7 9.0 10.7 9.6 10.7 - -
Jan
8.4 8.7 8.5 9.0 8.7 9.8 9.0 10.5 8.8 10.2 - -
Feb
8.7 9.1 8.8 9.7 8.9 9.6 9.0 10.3 - 10.0 - -
Mar
8.8 8.9 9.0 9.4 9.0 9.5 9.0 10.1 - 10.7 - 10.3
Apr
8.2 8.4 8.6 9.3 8.8 9.4 9.1 9.9 - 10.2 - 10.2
May
9.1 9.2 9.0 9.5 9.0 9.3 9.0 9.8 - - - 10.5
Jun
7.4 7.5 8.5 8.8 8.8 9.3 9.1 9.5 - 10.1 - 10.1

Source: Domestic Markets & Monetary Management Department,SBP

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 Money and Credit

5.17 State Bank of Pakistan Rates for Banks

(Percent per annum)
Locally Manufactured Machinery Long Term Financing of
Punjab
Effective Export Finance Export Sales Export Oriented Projects (LTF-EOP) Provincial Co-
Scheme Over 2 Years
From Local Sales Over 3 Years operative Bank
Pre- Shipment Post- Shipment Upto 2 Years but upto 3 Ltd.
to 7 -1/ 2 Years
Years

1-Oct-04 3.00 5.00 3.00 3.00 " " " 3.00

1-Nov-04 " " " " " " " 3.19
1-Dec-04 3.50 5.00 3.50 3.50 " " " 3.73
1-Jan-05 " " " " " " " 4.16
1-Feb-05 4.00 5.00 4.00 4.00 " " " 4.79
1-Mar-05 4.50 5.00 4.50 4.50 4.00 4.00 5.00 5.18
1-Apr-05 5.00 5.00 5.00 5.00 " " " 5.51
1-May-05 6.50 5.00 6.50 6.50 " " " 7.08
1-Jun-05 " " " " " " " 7.82
1
1-Jul-05 7.50 9.50 7.50 7.50 " " " 7.96
1-Aug-05 " " " " " " " 7.97
1-Sep-05 " " " " " " " 8.12
1-Oct-05 " " " " " " " 8.14
1-Nov-05 " " " " " " " "
1-Dec-05 " " " " " " " 8.26
1-Jan-06 " " " " " " " 8.25
1-Feb-06 " " " " " " " 8.29
1-Mar-06 " " " " " " " "
" " " "
1-Apr-06 " " " "
" " " "
1-May-06 " " " "
" " " "
1-Jun-06 " " " "
1-Jul-06 " " " " " " " 8.49
14-Jul-06 " " " " " " " "
1-Aug-06 " " " " " " " "
1-Sep-06 6.50 " 6.50 6.50 4.00 4.00 5.00 8.81
1-Oct-06 " " " " " " " "
1-Nov-06 " " " " " " " "
1-Dec-06 " " " " " " " "
1-Jan-07 " " " " " " " "
1-Feb-07 " " " " " " " "
1-Mar-07 " " " " " " " "
1-Apr-07 " " " " " " " 8.83
1-May-07 " " " " " " " 8.90
1
1-Jun-07 6.50 9.50 6.50 6.50 4.00 4.00 5.00 "
1: Rate of refinance for 6 months is 8.00%, for 2 years 8.50% and above 2 years 9.50% Source: SMEs & Micro Finance
Department, SBP

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