On December 11, the State Bank of Pakistan sold Rs12.97 billion of six-month Treasury Bills at a weighted average yield of 4.3247 per cent. At the recent T-bill auction the rate fell from 4.7620 per cent.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended November 30, 2002, both notes in circulation and those issued maintained the rise in the week under review. Notes in circulation stood at Rs513,969.107 million against earlier week’s figure of Rs511,751.475 million, showing a rise of Rs2,217.632 million. When compared to the corresponding week a year ago when it was Rs447,516.646 million, the current week’s figure is higher by Rs66,452.461 million.

Total notes issued also recorded a rise in the current week. At Rs514,128.515 million it was larger by Rs2,209.192 million over the figure of Rs511,919.323 million recorded a week earlier. In the corresponding week last year it amounted to Rs447,694.164 million, which shows current week’s figure to be higher by Rs66,434.351 million over last year’s figure.

Approved foreign exchange rose further in the week to Rs382,971.641 million, larger by Rs3,382.368 million over preceding week’s figure of Rs379,589.273 million recorded a week earlier. When compared to the corresponding week a year ago, when the figure was Rs133,368.228 million, the current week’s figure was higher by Rs249,603.413 million.

Balances held outside Pakistan in approved foreign exchange declined in the week under review. It stood at Rs42,460.910 million over preceding week’s figure of Rs42,651.816 million, showing a fall of Rs190.906 million. Compared to last year’s corresponding figure of Rs61,942.662 million, the current week’s figure is lower by Rs19,481.752 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 Rs54,324.188 million, larger by Rs319.162 million over preceding week’s Rs54,005.026 million. The current week’s figure is larger by Rs456.819 million over last year’s corresponding figure of Rs53,867.369 million.

There was an inflow of Rs3,283.946 million to the industrial sector during the week under review, depicting a decline of Rs40.804 million over previous week’s Rs3,243.142 million. When compared to last year’s corresponding figure of Rs3,879.977 million, the current week’s figure is lower by Rs596.031 million.

The export sector received Rs47,109.810 million over previous week’s figure of Rs47,457.262 million, showing a fall of Rs347.452 million. Current week’s figure was lower by Rs829.617 million over last year’s corresponding figure of Rs46,280.193 million.

According to the weekly statement of position of scheduled banks for the week ended November 30, 2002, 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 Rs1,578,973 million against preceding week’s Rs1,567,238 million, showing a rise of Rs11,735 million. As compared to the total deposits of Rs1,327,496 million in the corresponding period last year, current week’s deposits were higher by Rs251,477 million.

During the week under review, demand deposits rose to Rs707,671 million, or by Rs4,902 million over previous week’s Rs702,769 million, but was also higher against last year’s corresponding figure of Rs587,184 million by Rs120,487 million.

In the current week, time deposits were higher over the preceding week and also against the corresponding week last year. At Rs871,302 million, it was larger by Rs6,833 million over previous week’s Rs864,469 million, and by Rs130,990 million, over last year’s corresponding figure of Rs740,312 million.

Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities rose in the current week. At Rs136,059 million it was larger by Rs2,876 million over preceding week’s Rs133,183 million. Compared to last year’s corresponding figure of Rs116,705 million, the current week’s figure is higher by Rs19,354 million.

Scheduled banks borrowings from banks abroad stood at Rs15,379 million in the current week, as against Rs15,610 million a week ago, showing a decline of Rs231 million. It was larger by Rs123 million over last year’s corresponding figure of Rs15,256 million.

Money at call and short notice in Pakistan rose in the week under review. It stood at Rs44,972 million, a rise of Rs882 million over preceding week’s Rs44,090 million. When compared to last year’s corresponding figure of Rs48,888 million, the current figure is lower by Rs3,916 million.

Scheduled banks advances including bills purchased and discounted, rose in the week under review. At Rs980,206 million it was larger by Rs5,543 million over preceding week’s Rs974,663 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs953,962 million, the current week’s advances are higher by Rs26,244 million.