Cut off yield on TBs raised up to six basis points
On March 17, the State Bank of Pakistan sold Rs41.6 billion worth Treasury Bills. It sold Rs21 billion three-month bills at a weighted average yield of Rs1.52 per cent and Rs20.6 billion one-year bills at around 2.0 per cent.
But the cut off yield or the maximum yield offered on 3-month and one year bills stood at around 1.57 per cent and 2.05 per cent, up 5 basis points and 6 basis points, respectively from the levels of February 18.
According to the Statement of Affairs of the State Bank of Pakistan, for the week ended March 13, 2004, both notes in circulation and those issued increased in the week under review.
Notes in circulation stood at Rs621,075.048 million against earlier week's figure of Rs619,411.040 million, showing a rise of Rs1,664.008 million. When compared to the corresponding week a year ago when it was Rs532,065.928 million, the current week's figure is higher by Rs89,009.012 million.
Total notes issued also recorded a rise in the current week over preceding week's level. At Rs621,243.951 million it was larger by Rs1,687.586 million over the figure of Rs619,556.365 million recorded a week earlier. In the corresponding week last year it amounted to Rs532,250.327 million, which shows current week's figure to be higher by Rs88,993.624 million over last year's corresponding figure.
Approved foreign exchange increased in the week, rising to Rs526,756.201 million or by Rs22,575.396 million over preceding week's figure of Rs504,180.805 million. When compared to the corresponding week a year ago, when the figure was Rs472,227.476 million, the current week's figure was higher by Rs54,528.725 million.
Balances held outside Pakistan in approved foreign exchange declined in the week under review. It stood at Rs110,288.110 million over preceding week's figure of Rs132,909.468 million, showing a fall of Rs22,621.358 million. Compared to last year's corresponding figure of Rs71,327.762 million, the current week's figure is substantially higher by Rs38,960.348 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, similar to preceding week's figure. The current week's figure is larger by Rs1,647.465 million over last year's corresponding figure of Rs54,028.074 million.
There was an inflow of Rs2,512.348 million to the industrial sector during the week under review, against preceding week's figure of Rs 2,516.143 million showing a fall of Rs 3.8 million. When compared to last year's corresponding figure of Rs2,982.003 million, the current week's figure is lower by Rs469.655 million.
The export sector received Rs77,870.228 million against previous week's figure of Rs75,510.955 million, showing a rise of Rs2,359.273 million. Current week's figure was larger by Rs42,963.414 million over last year's corresponding figure of Rs34,906.814 million.
According to the weekly statement of position of scheduled banks for the week ended March 6, 2004, the sum of demand and time liabilities increased in the week under review.
The sum total stood at Rs1,924,641 million against preceding week's Rs1,920,579 million, showing a rise of Rs4,062 million. As compared to the total deposits of Rs1,644,916 million in the corresponding period last year, current week's deposits were higher by Rs279,725 million.
During the week under review, demand deposits stood at Rs959,109 million, a fall of Rs3,141 million over previous week's Rs962,250 million. It was however, higher against last year's corresponding figure of Rs748,024 million by Rs211,085 million.
In the current week, time deposits increased over preceding week's figure. At Rs965,532 million it was larger by Rs7,203 million over previous week's Rs958,329 million and by Rs68,640 million, over last year's corresponding figure of Rs896,892 million.
Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities declined in the current week. At Rs146,248 million it was smaller by Rs513 million over preceding week's Rs146,761 million. Compared to last year's corresponding figure of Rs131,483 million, the current week's figure is higher by Rs14,765 million.
Scheduled banks borrowings from banks abroad stood at Rs20,808 million in the current week, as against Rs21,603 million a week ago, showing a fall of Rs795 million. It was larger by Rs6,517 million over last year's corresponding figure of Rs14,291 million.
Money at call and short notice in Pakistan decreased in the week over previous week's figure. It stood at Rs27,582 million, a fall of Rs950 million over preceding week's Rs27,532 million.
