THE STATE Bank of Pakistan (SBP) on November 28 sold Rs10.2 billion worth of Treasury Bills of different maturities against the target of Rs 21.2 billion.

It had attracted bids worth Rs24.2 billion. The SBP raised Rs9.9 billion from the market by selling Rs10.2 billion T-bills at discounted prices.

The SBP sold Rs6.6 billion three month T-bills at a maximum yield of 7.96 per cent; Rs1.9 billion six month T-bills at 8.29 per cent and Rs1.7 billion one year T-bills at 8.83 per cent. The cut-off yield on one year bills was lower by five basis points than the one set on November 15 when the central bank had sold these bills at 8.89 per cent. The cut-off on three-month and six-month bills remained unchanged.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended November 24, 2001, both notes in circulation and those issued showed a decrease in the week. Notes in circulation stood at Rs453,098.960 million, against preceding week’s Rs453,208.853 million, showing a fall of Rs109.893 million. When compared to the corresponding week a year ago when it was Rs398,415.324 million, the current week’s figure is lower by Rs54,683.636 million.

Total notes issued also showed a decline in the current week. At Rs453,202.800 million it was smaller by Rs177.611 million over a week earlier figure of Rs453,380.411 million. In the corresponding week last year it amounted to Rs398,514.625 million, which shows an increase of Rs54,688.175 million over the year.

Approved foreign exchange, declined in the week under review. It stood at Rs133,545.099 million, showing a fall of Rs1,145.698 million over previous week’s Rs134,690.797 million.

When compared to last year’s corresponding figure of Rs45,470.960 million, the current week’s figure is substantially higher by Rs88,074.139 million.

Balances held outside Pakistan in approved foreign exchange, showed a substantial rise.

It stood at Rs57,729.502 million over preceding week’s figure of Rs16,090.297 million, showing rise of Rs41,639.205 million. Compared to last year’s corresponding figure of Rs19,585.088 million, the current week’s figure is larger by Rs38,144.414 million.

Loans and advances of scheduled banks to the three sectors, agricultural, industrial and export showed a mixed picture in the week under review. The agricultural sector received Rs53,867.369 million, against preceding week’s figure of Rs54,291.790 million, a fall of Rs424.421 million. The current week’s figure is smaller by Rs51.891 million over last year’s corresponding figure of Rs53,919.260 million.

There was an inflow of Rs3,921.433 million in the industrial sector during the week under review, depicting a decrease of Rs9.805 million, over previous week’s Rs3,931.238 million.

Compared to last year’s corresponding figure of Rs4,843.948 million, the current week’s figure is lower by Rs922.515 million.

The export sector received Rs52.382.413 million, over previous week’s figure of Rs52,995.010 million, showing a decrease of Rs612.597 million.

Current week’s figure was lower by Rs25,941.275 million over last year’s corresponding figure of Rs78,323.688 million.