June 17, 2002	Monday	Rabi-us-Sani 5, 1423

On June 12, the State Bank of Pakistan sold Rs4.105 billion worth of six month Treasury Bills. It received bids worth Rs6.850 billion. The weighted average yield on six month treasury bill fell to 6.4178 per cent at recent auction from 6.4319 percent at the previous auction two weeks ago.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended June 8, 2002, both notes in circulation and those issued showed an increase in the week under review. Notes in circulation stood at Rs473,326.343 million against earlier week’s figure of Rs460,085.120 million, showing a rise of Rs13,041.223 million. When compared to the corresponding week a year ago when it was Rs406,427.322 million, the current week’s figure is higher by Rs66,699.021 million.

Total notes issued also recorded a rise in the current week. At Rs473,330.306 million it was larger by Rs13,115.409 million over the figure of Rs460,214.897 million recorded a week earlier. In the corresponding week last year it amounted to Rs406,602.114 million, which shows current week’s figure to be higher by Rs66,728.192 million over last year’s figure.

Approved foreign exchange including balances held outside Pakistan stood at Rs217,177.445 million, smaller by Rs8,500.685 million over preceding week’s figure of Rs25,678.130 million recorded a week earlier. When compared to the corresponding week a year ago, when the figure was Rs65,336.367 million, the current week’s figure was higher by Rs151,841.078 million.

Balances held outside Pakistan in approved foreign exchange rose in the week under review. It stood at Rs31,670.678 million over preceding week’s figure of Rs21,875.289 million, showing a rise of Rs9,795.389 million. Compared to last year’s corresponding figure of Rs15,473.388 million, the current week’s figure is larger by Rs16,197.29 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 Rs54,329.776 million, against preceding week’s figure of Rs54,419.421 million, showing a decline of Rs89.645 million. The current week’s figure is lower by Rs89.945 million over last year’s corresponding figure of Rs54,419.721 million.

There was an inflow of Rs3,463.199 million to the industrial sector during the week under review, depicting a decline of Rs96.806 million over previous week’s Rs3,560.005 million. When compared to last year’s corresponding figure of Rs4,324.892 million, the current week’s figure is lower by Rs861.693 million. The export sector received Rs58,613.241 million over previous week’s figure of Rs58,797.086 million, showing a rise of Rs183.846 million.

Current week’s figure was lower by Rs16,436.409 million over last year’s corresponding figure of Rs7s,o4g.6so million.

According to the weekly Statement of Position of scheduled banks for the week ended June 1, 02, the sum of demand and time liabilities maintained the upward trend in the week under review, as both demand and times deposits recorded an increase. The sum total stood at Rs1,425,002 million, showing a rise of Rs3,181 million over preceding week’s figure of Rs1,421,821 million. As compared to the total deposits of Rs1,252,451 million in the corresponding period last year, the current week’s deposits were higher by Rs172,551 million.

During the week under review, demand deposits rose to Rs633,s67 million, or by Rs496 million over previous week’s Rs633,071 million, and was also higher against last year’s corresponding figure of Rs539,217 million by Rs94,350 million.

Meanwhile, time liabilities grew by Rs2,68s million to Rs791,435 million against preceding week’s Rs788,7so million. Compared to last year’s corresponding figure of Rs713,234 million, the current week’s figure is higher by Rs78,201 million.

Scheduled banks borrowings from the SBP against promissory notes and other approved securities rose in the current week. At Rs135,274 million it was larger by Rs1,075 million over preceding week’s Rs134,199 million. Compared to last year’s corresponding figure of Rs140,465 million, the current week’s figure is lower by Rs5,191 million.

Scheduled banks borrowings from banks abroad stood at Rs14,128 million in the current week, as against Rs13,451 million a week ago, showing a rise of Rs677 million. It was lower by Rs1,150 million over last year’s corresponding figure of Rs15,278 million.

Money at call and short notice in Pakistan showed a decline in the week under review. It stood at Rs37,740 million, showing a fall of Rs268 million over preceding week’s Rs38,008 million. When compared to last year’s corresponding figure of Rs27,461 million, the current week’s figure is however, higher by Rs10,279 million.

Scheduled banks advances including bills purchased and discounted, increased in the week under review. At Rs951,892 million it was larger by Rs8,122 million over preceding week’s figure of Rs943,770 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs918,256 million, the current week’s advances are higher by Rs33,636 million.

Scheduled banks investment in central government securities, Treasury bills and other approved securities, declined further in the week under review. Such investments amounted to Rs431,957 million, showing a fall of Rs553 million over previous week’s Rs432,510 million. Compared to last year’s corresponding figure of Rs311,549 million, the current week’s investment is higher by Rs120,408 million.

Total assets of scheduled banks showed an increase in the week under review. These rose to Rs2,210,662 million against previous week’s Rs2,206,897 million, showing a rise of Rs3,765 million.