Central bank garners Rs11.5bn from Treasury bill sales
On March 25, the State Bank of Pakistan sucked-in Rs11.5 billion from the banking system through one-week and two-week repo sale of the Treasury Bills.
It sucked in Rs2 billion from the banking system through one-week repo of the TBs and Rs9.5 billion through two-week repo. The central bank offered a cut-off yield of 2 per cent in both tenures.
According to the Statement of Affairs of the State Bank of Pakistan, for the week ended March 20, 2004, both notes in circulation and those issued decreased in the week under review.
Notes in circulation stood at Rs614,851.339 million against earlier week's figure of Rs621,075.048 million, showing a fall of Rs6,223.709 million. When compared to the corresponding week a year ago when it was Rs524,669.831 million, the current week's figure is higher by Rs90,181.508 million.
Total notes issued also recorded a fall in the current week over the preceding week's level. At Rs615,056.984 million it was smaller by Rs6,186.967 million over the figure of Rs621,243.951 million recorded a week earlier. In the corresponding week last year it amounted to Rs524,835.450 million, which shows current week's figure to be higher by Rs90,221.534 million over last year's corresponding figure.
Approved foreign exchange decreased in the week, falling to Rs522,064.871 million or by Rs4,691.33 million over the preceding week's figure of Rs526,756.201 million. When compared to the corresponding week a year ago, when the figure was Rs466,184.377 million, the current week's figure was higher by Rs55,880.494 million.
Balances held outside Pakistan in approved foreign exchange rose in the week under review. It stood at Rs121,501.228 million over preceding week's figure of Rs110,288.110 million, showing a rise of Rs11,213.118 million. Compared to last year's corresponding figure of Rs77,407.076 million, the current week's figure is substantially higher by Rs44,094.152 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 Rs2,441.053 million to the industrial sector during the week under review, against preceding week's figure of Rs2,512.348 million showing a fall of Rs61.295 million. When compared to last year's corresponding figure of Rs2,976.549 million, the current week's figure is lower by Rs535.496 million.
The export sector received Rs76,786.370 million against previous week's figure of Rs77,870.228 million, showing a fall of Rs1,083.858 million. Current week's figure was larger by Rs33,604.413 million over last year's corresponding figure of Rs43,181.957 million.
According to the weekly statement of position of scheduled banks for the week ended March 13, 2004, the sum of demand and time liabilities increased in the week under review.
The sum total stood at Rs1,928,906 million against preceding week's Rs1,924,641 million, showing a rise of Rs4,265 million. As compared to the total deposits of Rs1,650,110 million in the corresponding period last year, current week's deposits were higher by Rs278,796 million.
During the week under review, demand deposits stood at Rs962,364 million, a rise of Rs3,255 million over previous week's Rs959,109 million. It was also higher against last year's corresponding figure of Rs748,887 million by Rs213,477 million.
In the current week, time deposits increased over preceding week's figure. At Rs966,542 million it was larger by Rs1,010 million over previous week's Rs965,532 million and by Rs65,319 million, over last year's corresponding figure of Rs901,223 million.
Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities rose in the current week. At Rs150,237 million it was larger by Rs3,989 million over preceding week's Rs146,248 million. Compared to last year's corresponding figure of Rs130,653 million, the current week's figure is higher by Rs19,584 million.
Scheduled banks borrowings from banks abroad stood at Rs3,028 million in the current week, as against Rs20,808 million a week ago, showing a fall of Rs17,780 million. It was smaller by Rs10,858 million over last year's corresponding figure of Rs13,886 million.
Money at call and short notice in Pakistan increased in the week over previous week's figure. It stood at Rs27,647 million, a rise of Rs65 million over preceding week's Rs27,582 million.
When compared to last year's corresponding figure of Rs24,576 million, the current figure is higher by Rs3,071 million. Scheduled banks advances including bills purchased and discounted decreased in the week under review. At Rs1,229,569 million it was smaller by Rs2,358 million over preceding week's Rs1,231,927 million.
