The State Bank of Pakistan on March 3, sold 6-month Treasury Bills for Rs18.276 billion at a cut-off yield of 1.78 per cent. A total of Rs27.937 billion were offered.
According to the Statement of Affairs of the Bank, for the week ended February 28, 2004, both notes in circulation and those issued declined further in the week under review.
Notes in circulation stood at Rs612,767.094 million against earlier week's figure of Rs620,200.108 million, showing a fall of Rs7,433.014 million. When compared to the corresponding week a year ago when it was Rs525,598.848 million, the current week's figure is higher by Rs87,168.246 million.
Total notes issued also recorded a fall in the current week over the preceding week's level. At Rs612,877.527 million it was smaller by Rs7,532.66 million over the figure of Rs620,410.187 million recorded a week earlier. In the corresponding week last year it amounted to Rs525,761.121 million, which shows current week's figure to be higher by Rs87,116.406 million over last year's corresponding figure.
Approved foreign exchange also declined in the week, falling to Rs513,206.866 million or by Rs19,142.253 million over the preceding week's figure of Rs494,064.613 million. When compared to the corresponding week a year ago, when the figure was Rs477,250.014 million, the current week's figure was higher by Rs35,956.852 million.
Balances held outside Pakistan in approved foreign exchange declined in the week under review. It stood at Rs125,563.415 million over preceding week's figure of Rs142,882.235 million, showing a fall of Rs17,318.82 million. Compared to last year's corresponding figure of Rs37,372.230 million, the current week's figure is substantially higher by Rs88,191.185 million.
Loans and advances of scheduled banks to the three sectors - agricultural, industrial and export showed a mixed trend in the week under review. The agricultural sector received Rs55,675.539 million, against preceding week's figure of Rs55,703.139 million, showing a fall of Rs27.6 million. The current week's figure is larger by Rs1,207.77 million over last year's corresponding figure of Rs54,467.769 million.
There was an inflow of Rs2,516.143 million to the industrial sector during the week under review, depicting a decline of Rs5.5 million over previous week's Rs2,521.643 million. When compared to last year's corresponding figure of Rs2,989.615 million, the current week's figure is lower by Rs467.972 million.
The export sector received Rs75,986.567 million against previous week's figure of Rs77,822.242 million, showing a fall of Rs1,835.675 million. Current week's figure was larger by Rs32,378.154 million over last year's corresponding figure of Rs43,608.413 million.
According to the weekly statement of position of scheduled banks for the week ended February 21, 2004, the sum of demand and time liabilities increased in the week under review demand deposits rose substantially.
The sum total stood at Rs1,910,523 million against preceding week's Rs1,906,631 million, showing a rise of Rs3,892 million. As compared to the total deposits of Rs1, 626, 949 million in the corresponding period last year, current week's deposits were higher by Rs283,574 million.
During the week under review, demand deposits stood at Rs959,228 million, a rise of Rs10,196 million over previous week's Rs949,032 million. It was also higher against last year's corresponding figure of Rs743,586 million by Rs215,642 million.
In the current week, time deposits declined over preceding week's figure. At Rs951,295 million it was smaller by Rs6,304 million over previous week's Rs957,599 million and by Rs67,932 million, over last year's corresponding figure of Rs.883,363 million.
Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities declined in the current week. At Rs150,716 million it was smaller by Rs1,398 million over preceding week's Rs152,114 million. Compared to last year's corresponding figure of Rs134,874 million, the current week's figure is higher by Rs15,842 million.
Scheduled banks borrowings from banks abroad stood at Rs20,128 million in the current week, as against Rs21,228 million a week ago, showing a fall of Rs1,100 million. It was larger by Rs4,687 million over last year's corresponding figure of Rs15,441 million.
Money at call and short notice in Pakistan increased in the week over previous week's figure. It stood at Rs22,382 million, a rise of Rs1,127 million over preceding week's Rs21,255 million.
When compared to last year's corresponding figure of Rs22,771 million, the current figure is lower by Rs389 million. Scheduled banks advances including bills purchased and discounted increased in the week under review.
At Rs1,228,006 million it was larger by Rs3,427 million over preceding week's Rs1,224,579 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs986,065 million, the current week's advances are higher by Rs241,941 million.
