ON JUNE 17, the State Bank sold 10-year investment bonds worth Rs4.93 billion in an auction. It had received bids worth Rs11.6 billion for the Pakistan Investment Bonds carrying annual coupon rate of 11 per cent.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended June 15, 2002, both notes in circulation and those issued declined in the week under review. Notes in circulation stood at Rs472,825.548 million against the earlier week’s figure of Rs473,126.343 million, showing a fall of Rs300.798 million. When compared to the corresponding week a year ago when it was Rs404,184.298 million, the current week’s figure is higher by Rs68,641.25 million.

Total notes issued also recorded a fall in the current week. At Rs473,017.649 million it was smaller by Rs312.657 million over the figure of Rs473,330.306 million recorded a week earlier. In the corresponding week last year it amounted to Rs404,322.401 million, which shows current week’s figure to be higher by Rs68,695.248 million over last year’s figure.

Approved foreign exchange including balances held outside Pakistan stood at Rs219,622.444 million, larger by Rs2,444.999 million over preceding week’s figure of Rs217,177.445 million recorded a week earlier. When compared to the corresponding week a year ago, when the figure was Rs72,324.748 million, the current week’s figure was higher by Rs147,297.696 million.

Balances held outside Pakistan in approved foreign exchange rose in the week under review. It stood at Rs60,598.086 million over preceding week’s figure of Rs31,670.678 million, showing a rise of Rs28,927.408 million. Compared to last year’s corresponding figure of Rs38,666.942 million, the current week’s figure is larger by Rs21,931.144 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 Rs54,589.843 million, against preceding week’s figure of Rs54,329.776 million, showing a rise of Rs260.067 million. The current week’s figure is larger by Rs233.675 million over last year’s corresponding figure of Rs54,356.168 million.

There was an inflow of Rs3,455.787 million to the industrial sector during the week under review, depicting a decline of Rs7.412 million over the previous week’s Rs3,463.199 million. When compared to last year’s corresponding figure of Rs4,312.058 million, the current week’s figure is lower by Rs856.271 million.

The export sector received Rs58,739.491 million over previous week’s figure of Rs58,613.241 million, showing a rise of Rs126.25 million. The current week’s figure was lower by Rs17,706.804 million over the last year’s corresponding figure of Rs76,446.295 million.

According to the weekly Statement of Position of scheduled banks for the week ended June 8,2002, the sum of demand and time liabilities maintained an upward trend in the week under review, as times deposits recorded an increase. The sum total stood at Rs1,426,775 million, showing a rise of Rs1,773 million over the preceding week’s figure of Rs1,425,002 million. As compared to the total deposits of Rs1,252,023 million in the corresponding period last year, the current week’s deposits were higher by Rs174,752 million.

During the week under review, demand deposits declined to Rs630,286 million, or by Rs3,281 million over previous week’s Rs633,567 million, but was higher against last year’s corresponding figure of Rs539,476 million by Rs90,810 million.

Meanwhile, time liabilities grew by Rs5,054 million to Rs796,489 million against the preceding week’s Rs791,435 million. Compared to last year’s corresponding figure of Rs.712,547 million, the current week’s figure is higher by Rs83,842 million.

Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities declined in the current week. At Rs135,014 million it was smaller by Rs260 million over preceding week’s Rs135,274 million. Compared to last year’s corresponding figure of Rs139,442 million, the current week’s figure is lower by Rs4,428 million.

Scheduled banks borrowings from banks abroad stood at Rs13,054 million in the current week, as against Rs14,128 million a week ago, showing a fall of Rs1,074 million. It was lower by Rs2,208 million over last year’s corresponding figure of Rs15,262 million.

Money at call and short notice in Pakistan showed a decline in the week under review. It stood at Rs40,886 million, showing a rise of Rs3,146 million over preceding week’s Rs37,740 million. When compared to last year’s corresponding figure of Rs28,942 million, the current week’s figure is however, higher by Rs11,944 million.

Scheduled banks advances including bills purchased and discounted, increased in the week under review. At Rs950,830 million it was smaller by Rs1,062 million over preceding week’s figure of Rs951,892 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs920,014 million, the current week’s advances are higher by Rs30,816 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 Rs429,889 million, showing a fall of Rs2,068 million over previous week’s Rs431,957 million. Compared to last year’s corresponding figure of Rs300,864 million, the current week’s investment is higher by Rs129,025 million.

Total assets of scheduled banks showed an increase in the week under review. These rose to Rs2,216,656 million against the previous week’s Rs2,210,662 million, showing a rise of Rs5,994 million. Compared to last year’s corresponding figure of Rs1,908,567 million, it shows a rise of Rs308,089 million.