On May l5, the State Bank of Pakistan mopped up Rs38.7 billion through sale of six-month and one year Treasury Bills. It kept the maximum yield on these bills unchanged at 6.43 per cent and 6.99 per cent, respectively. Reportedly the money would be used by the government to retire its borrowings from the central bank.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended May 11, 2002, both notes in circulation and those issued maintained an upward trend. Notes in circulation stood at Rs464,809.g85 million against the earlier week figure of 453,322.737 million, showing a rise of Rs11,487.248 million. When compared to the corresponding week a year ago when it was Rs405,596.711 million, the current week’s figure is higher by Rs59,213.274 million.

Total notes issued also recorded an increase in the current week. At Rs464,942.039 million it was larger by Rs11,414.759 million over the figure of Rs453,527.280 million recorded a week earlier. In the corresponding week last year it amounted to Rs405,892.734 million, which shows current week’s figure to be higher by Rs59,049.305 million over the last year’s figure.

Approved foreign exchange including balances held outside Pakistan stood at Rs213,792.264 million, larger by Rs2,544.221 million over the preceding week’s figure of Rs211,248.043 million recorded a week earlier. When compared to the corresponding week a year ago, when the figure was Rs53,313.767 million, the current week’s figure was higher by Rs160,478.497 million.

Balances held outside Pakistan in approved foreign exchange, declined further in the week under review. It stood at Rs24,016.402 million over the preceding week’s figure of Rs25,223.488 million, showing a fall of Rs1,207.086 million. Compared to last year’s corresponding figure of Rs19,525.686 million, the current week’s figure is substantial larger by Rs4,490.716 million.

Loans and advances of scheduled banks to the three sectors, agricultural, industrial and export show a mixed picture in the week under review. The agricultural sector received Rs53,855.313 million, against preceding week’s figure of Rs53,879.505 million, showing a fall of Rs24.192 million. The current week’s figure is lower by Rs700.369 million over last year’s corresponding figure of Rs54,555.682 million.

There was an inflow of Rs3,614.892 million to the industrial sector during the week under review, depicting a decline of Rs9.893 million over previous week’s Rs3,624.785 million. Compared to last year’s corresponding figure of Rs4,376.242 million, the current week’s figure is lower by Rs761.35 million

The export sector received Rs57,238.006 million over previous week’s figure of Rs57,195.794 million, showing a rise of Rs42.212 million. Current week’s figure was lower by Rs18,646.556 million over last year’s corresponding figure of Rs75,884.562 million.

According to the weekly statement of position of scheduled banks for the week ended May 4, the sum of demand and time liabilities maintained the upward trend in the week under review, as both type of deposits rose. The sum total stood at Rs1,404,488 million against preceding week’s Rs1,401,969 million, showing a rise of Rs2519 million. As compared to the total deposits of Rs1,226,522 million in the corresponding period Last year, current week’s deposits were higher by Rs177,966 million.

During the week under review, demand deposits fell to Rs626,007 million, or by Rs939 million over previous week’s Rs626,946 million, but was higher against last year’s corresponding figure of Rs526,960 million by Rs99,047 million.

In the current week, time deposits were higher over the preceding week and also against the corresponding week last year. At Rs778,481 million, it was larger by Rs3,458 million, over previous week’s Rs775,023 million, and by Rs78,919 million, over last year’s corresponding figure of Rs699,562 million.

Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities fell further in the current week. At Rs133,171 million it was smaller by Rs116 million over preceding week’s Rs133,287 million. Compared to last year’s corresponding figure of Rs140,618 million, the current week’s figure is also lower by Rs7,447 million.

Scheduled banks borrowings from banks abroad stood at Rs13,844 million in the current week as against Rs14,852 million a week ago, showing a decline of Rs1,008 million. It was lower by Rs998 million over last year’s corresponding figure of Rs14,842 million.

Money at call and short notice in Pakistan showed a further fall in the week under review. It stood at Rs36,051 million a decline of Rs3576 million over preceding week’s Rs39,627 million. When compared to last year’s corresponding figure of Rs29,268 million, the current figure is higher by Rs6,783 million.

Scheduled banks advances including bills purchased and discounted, rose in the week under review. At Rs952,519 million it was larger by Rs659 million over preceding week’s Rs951,860 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs912,650 million, the current week’s advances are higher by Rs39,869 million.

Scheduled banks investment in central government securities, Treasury bills and other approved securities, rose in the week under review. Such investments amounted to Rs403,035 million, a rise of Rs12,222 million over previous week’s Rs390,813 million Compared to last year’s corresponding figure of Rs289,311 million, the current week’s investment is higher by Rs113,724 million.

Total assets of scheduled banks showed an increase in the week under review. These rose to Rs2,179,422 million against previous week’s Rs2,173,774 million, showing a rise of Rs5,648 million. Compared to last year’s corresponding figure of Rs1,858,339 million it shows a rise of Rs321,083 million.