November 27, 2006	Monday	Ziqa'ad 5, 1427

IN an auction on November 22, the State Bank of Pakistan sold Treasury Bills worth Rs60.680bn, against a target of Rs64bn. It raised Rs52.783 billion for 12 month T-bills at a cut-off yield of nine per cent, Rs6.039bn for six-month T-bills at 8.814 per cent and Rs1.862 billion for three-month at 8.641 per cent.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended November 11, 2006, both notes in circulation and those issued increased in the week. Notes in circulation stood at Rs.864,242.019 million against earlier week’s figure of Rs.861,494.704 million, a rise of Rs.2,747.315 million. When compared to the corresponding week a year ago when it was Rs.791,706.971 million, the current week’s figure is higher by Rs.72,535.048 million.

Total notes issued also rose in the current week over preceding week’s level. At Rs.864,504.536 million it was higher by Rs.2,814.265 million over the figure of Rs.861,690.271 million recorded a week earlier. In the corresponding week last year it amounted to Rs.791,877.942 million, which shows current week’s figure to be higher by Rs.72,626.594 million over last year’s corresponding figure.

Approved foreign exchange increased in the week to Rs.519,130.204 million or by Rs.1,381.315 million over preceding week’s figure of Rs.517,748.889 million. When compared to the corresponding week a year ago, when the figure was Rs.431,586.605 million, the current week’s figure is higher by Rs.87,543.599 million.

Balances held outside Pakistan in approved foreign exchange decreased in the week under review. It stood at Rs.130,411.071 million over preceding week’s figure of Rs.134,038.859 million, a fall of Rs.3,627.788 million. Compared to last year’s corresponding figure of Rs.137,228.954 million, the current week’s figure is smaller by Rs.6,817.883 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 Rs.62,682.785 million, similar to preceding week’s figure. The current week’s figure is larger by Rs.1,968.723 million over last year’s corresponding figure of Rs.60,714.062 million.

There was an inflow of Rs.16,278.940 million to the industrial sector during the week under review, a rise of Rs.1,507.931 million against preceding week’s figure of Rs14,771.009 million. When compared to last year’s corresponding figure of Rs.2,050.131 million, the current week’s figure is higher by Rs.14,228.809 million.

The export sector received Rs.121,462.720 million against previous week’s figure of Rs.120,683.757 million, a rise of Rs.778.963 million. Current week’s figure was larger by Rs.18,505.119 million over last year’s corresponding figure of Rs.102,957.601 million.

According to the weekly statement of position of all scheduled banks for the week ended November 11, 2006, deposits and other accounts of the scheduled banks stood at Rs2,840.625 billion, higher by Rs10.186 billion over preceding week’s figure of Rs2,830.439 billon. Commercial banks deposits showed an increase of Rs10.297 billion over the week to Rs2,828.943 billion, against preceding week’s Rs2,818.646 billion, while of specialized banks it fell by Rs0.165 billion to Rs11.682 billion, over previous week’s Rs11.847 billion.

Borrowings by all scheduled banks increased during the week over preceding week’s figure. It rose to Rs395.624 billion over preceding week’s figure of Rs365.111 billion, a rise of Rs30.513 billion. This was primarily due to an increase in the borrowings by commercial banks, which increased to Rs307.512 billion against previous week’s Rs277.119 billion, or by Rs30.393 billion, while borrowings by specialised banks stood at Rs88.112 billion, against preceding week’s figure of Rs87.992.

Gross advances stood at Rs2,274.580 billion in the week under review, a rise of Rs10.750 billion over preceding week’s figure of Rs2,263.830 billion. Advances by commercial banks rose to Rs2,176.602 billion against earlier week’s figure of Rs2,165.752 billion, higher by Rs10.850 billion, while of specialized banks it stood at Rs97.979 billion against preceding week’s Rs98.078 billion, showing a decline of Rs0.099 billion.

Investments of all scheduled banks increased in the week by Rs27.651 billion to Rs828.179 billion against preceding week’s figure of Rs800.528 billion. Commercial banks investment increased to Rs817.595 billion, from earlier week’s Rs789.951 billion, higher by Rs27.644 billion, while of specialized banks it stood at Rs10.584 billion against previous week’s Rs10.577 billion, larger by Rs0.007 billion.

Cash and balances with treasury banks of all scheduled banks decreased by Rs5.602 billion during the week to stand at Rs302.127 billion against earlier week’s Rs307.729 billion. The figure for commercial banks also fell to Rs300.193 billion against preceding week’s figure of Rs305.695 billion, a fall of Rs5.502 billion. For specialized banks there was a decline of Rs0.01 billion to Rs1.934 billion, against earlier week’s figure of Rs2.034 billion.

Total assets of scheduled banks stood at Rs3,843.582 billion, higher by Rs33.516 billion, over preceding week’s figure of Rs3,810.066 billion. Meanwhile, commercial banks assets stood at Rs3,727.192 billion, larger by Rs34.903 billion over previous week’s figure of Rs3,692.289 billion. Specialized banks assets fell by Rs1.387 billion to Rs116.390 billion against previous week’s Rs117.777 billion.