On February 8, the State Bank of Pakistan conducted an Open Market Operation (OMO) and raised Rs5.5 billion at 4.4 per cent per annum for two weeks.
It had received total bids worth Rs7.5 billion. According to the data released by the State Bank of Pakistan, the government borrowed Rs42.8 billion from the banking system during July 2004 - January 22, 2005.
According to the Statement of Affairs of the State Bank of Pakistan, for the week ended January 29, 2005, both notes in circulation and those issued increased in the week.
Notes in circulation stood at Rs737,457.141 million against earlier week's figure of Rs734,246.859 million, a rise of Rs3,210.282 million. When compared to the corresponding week a year ago when it was Rs631,099.995 million, the current week's figure is higher by Rs106,357.146 million.
Total notes issued also rose in the current week over preceding week's level. At Rs737,597.824 million it was larger by Rs3,183.427 million over the figure of Rs734,414.397 million recorded a week earlier.
In the corresponding week last year it amounted to Rs631,243.381 million, which shows current week's figure to be higher by Rs106,354.443 million over last year's corresponding figure.
Approved foreign exchange increased in the week to Rs438,916.217 million or by Rs14,576.141 million over preceding week's figure of Rs424,340.076 million. When compared to the corresponding week a year ago, when the figure was Rs504,650.072 million, the current week's figure was smaller by Rs65,733.855 million.
Balances held outside Pakistan in approved foreign exchange rose in the week under review. It stood at Rs173,170.406 million over preceding week's figure of Rs137,077.083 million, a rise of Rs36,093.323 million. Compared to last year's corresponding figure of Rs103,500.251 million, the current week's figure is substantially higher by Rs69,670.155 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 Rs58,576.437 million against preceding week's figure of Rs57,591.444 million, an increase of Rs984.993 million. The current week's figure is larger by Rs2,873.298 million over last year's corresponding figure of Rs55,703.139 million.
There was an inflow of Rs1,169.387 million to the industrial sector during the week under review, similar to preceding week's figure. When compared to last year's corresponding figure of Rs2,533.549 million, the current week's figure is lower by Rs1,364.162 million.
The export sector received Rs104,598.059 million against previous week's figure of Rs105,588.488 million, a fall of Rs990.429 million. Current week's figure was larger by Rs27,197.77 million over last year's corresponding figure of Rs77,400.289 million.
According to the weekly statement of position of scheduled banks for the week ended January 29, 2005, the sum of demand and time liabilities fell in the week under review.
The sum total stood at Rs2,258,988 million against preceding week's Rs2,261,705 million, a fall of Rs2,717 million. As compared to the total deposits of Rs1,881,184 million in the corresponding period last year, current week's deposits were higher by Rs377,804 million.
During the week under review, demand deposits stood at Rs1,164,705 million, a fall of Rs13,335 million over previous week's Rs1,178,040 million. It was however, higher against last year's corresponding figure of Rs934,360 million by Rs230,345 million.
Time deposits rose in the current week. At Rs1,094,283 million it was higher by Rs.10,618 million over previous week's Rs1,083,665 million and by Rs147,459 million over last year's corresponding figure of Rs946,824 million.
Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities rose in the current week. At Rs175,682 million it was higher by Rs211 million over preceding week's Rs175,471 million. Compared to last year's corresponding figure of Rs153,105 million, the current week's figure is higher by Rs22,577 million.
Scheduled banks borrowings from banks abroad stood at Rs5,786 million in the current week, as against Rs6,502 million a week ago, a fall of Rs716 million. It was smaller by Rs14,278 million over last year's corresponding figure of Rs20,064 million.
Money at call and short notice in Pakistan rose in the week under review as against previous week's figure. It stood at Rs30,581 million, a rise of Rs695 million over preceding week's Rs29,886 million. When compared to last year's corresponding figure of Rs23,044 million, the current week's figure is higher by Rs7,537 million.
Scheduled banks' advances including bills purchased and discounted rose in the week under review. At Rs1,637,579 million it was larger by Rs11,596 million over preceding week's Rs1,625,983 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs1,220,721 million, the current week's advances are higher by Rs416,858 million.
Scheduled banks investment in central government securities, Treasury bills and other approved securities showed a fall in the current week when compared to preceding week's level.
