On February 4, the auction of 6-month Treasury Bills generated total bids of Rs83 billion. The State Bank remained within its target of Rs45 billion, set for the auction of 6-month Treasury Bills and mopped up Rs43.925 billion at a cut off yield of 3.36 per cent.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended February 1, 2003, both notes in circulation and those issued continued the downward trend in the week under review. Notes in circulation stood at Rs511,523.100 million against earlier week’s figure of Rs513,376.561 million, showing a fall of Rs1,853.461 million. When compared to the corresponding week a year ago when it was Rs449,428.473 million, the current week’s figure is higher by Rs62,094.627 million.

Total notes issued also recorded a fall in the current week. At Rs511,683.504 million it was lower by Rs1,854.843 million over the figure of Rs513,538.347 million recorded a week earlier. In the corresponding week last year it amounted to Rs449,555.706 million, which shows current week’s figure to be higher by Rs62,127.798 million over the last year’s figure.

Approved foreign exchange rose further in the week to Rs447,745.892 million, larger by Rs2,294.562 million over preceding week’s figure of Rs445,451.330 million recorded a week earlier. When compared to the corresponding week a year ago, when the figure was Rs154,315.530 million, the current week’s figure was higher by Rs293,430.362 million.

Balances held outside Pakistan in approved foreign exchange increased in the week under review. It stood at Rs51,814.288 million over preceding week’s figure of Rs48,445.490 million, showing a rise of Rs3,368.798 million. Compared to last year’s corresponding figure of Rs62,697.385 million, the current week’s figure is also lower by Rs10,883.097 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 Rs54,131.769 million against preceding week’s figure of Rs54,031.769 million, showing a rise of Rs100.0 million. The current week’s figure is lower by Rs660.849 million over last year’s corresponding figure of Rs54,792.618 million.

There was an inflow of Rs2,982.637 million to the industrial sector during the week under review, depicting a decline of Rs9.526 million over previous week’s Rs2,992.163 million. When compared to last year’s corresponding figure of Rs3,713.359 million, the current week’s figure is lower by Rs730.722 million.

The export sector received Rs46,142.723 million over previous week’s figure of Rs46,538.317 million, showing a fall of Rs395.594 million. Current week’s figure was larger by Rs881.76 million over last year’s corresponding figure of Rs45,260.963 million.

According to the weekly statement of position of scheduled banks for the week ended January 25, 2003, the sum of demand and time liabilities increased in the week under review. The sum total stood at Rs1,601,361 million against preceding week’s Rs1,591,098 million, showing a rise of Rs10,263 million. As compared to the total deposits of Rs1,369,623 million in the corresponding period last year, current week’s deposits were higher by Rs231,738 million.

During the week under review both type of deposits increased. Demand deposits rose to Rs732,083 million, or by Rs7,757 million over previous week’s Rs724,326 million. It was also higher against last year’s corresponding figure of Rs602,246 million by Rs129,837 million.

In the current week, time deposits were higher over the preceding week and against the corresponding week last year. At Rs869,278 million, it was higher by Rs2,506 million over previous week’s Rs866,772 million, and by Rs101,901 million, over last year’s corresponding figure of Rs767,377 million.

Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities declined in the current week. At Rs136,792 million it was smaller by Rs1,126 million over preceding week’s Rs137,918 million. Compared to last year’s corresponding figure of Rs123,330 million, the current week’s figure is higher by Rs13,462 million.

Scheduled banks borrowings from banks abroad stood at Rs14,076 million in the current week, as against Rs13,626 million a week ago, showing a rise of Rs450 million. It was smaller by Rs720 million over last year’s corresponding figure of Rs14,796 million.

Money at call and short notice in Pakistan increased in the week under review. It stood at Rs34,070 million, a rise of Rs2,259 million over preceding week’s Rs31,811 million. When compared to last year’s corresponding figure of Rs49,569 million, the current figure is lower by Rs15,499 million.

Scheduled banks advances, including bills purchased and discounted, declined in the week under review. At Rs1,001,277 million it was lower by Rs362 million over preceding week’s Rs1,001,639 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs990,798 million, the current week’s advances are higher by Rs10,479 million.

Scheduled banks investment in central government securities, Treasury Bills and other approved securities, increased in the week under review. Such investments amounted to Rs638,583 million, a rise of Rs10,847 million over previous week’s Rs627,736 million. Compared to last year’s corresponding figure of Rs328,881 million, the current week’s investment is higher by Rs309,702 million.