February 19, 2007	Monday	Safar 1, 1428

ON February 14, at the auction of treasury bills the State Bank of Pakistan attracted Rs48.4 billion, which was more than three times of the set target. The SBP raised Rs588 million for 3-month, Rs2.358 billion for 6-month and Rs45.292 billion for one-year T-bills. The cut off yields on these remained unchanged.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended July 2February 3, 2007, both notes in circulation and those issued increased in the week. Notes in circulation stood at Rs887,988.069 million against earlier week’s figure of Rs880,468.534 million, a rise of Rs7,519.535 million. When compared to the corresponding week a year ago when it was Rs799,430.529 million, the current week’s figure is higher by Rs88,557.54 million.

Total notes issued also rose in the current week over preceding week’s level. At Rs888,120.466 million it was larger by Rs7,494.627 million over the figure of Rs880,625.839 million recorded a week earlier. In the corresponding week last year it amounted to Rs799,607.386 million, which shows current week’s figure to be higher by Rs88,513.08 million over last year’s corresponding figure.

Approved foreign exchange increased in the week to Rs549,764.956 million or by Rs5,591.848 million over preceding week’s figure of Rs544,173.108 million. When compared to the corresponding week a year ago, when the figure was Rs428,697.356 million, the current week’s figure is higher by Rs121,067.6 million.

Balances held outside Pakistan in approved foreign exchange increased in the week under review. It stood at Rs140,748.572 million over preceding week’s figure of Rs129,307.838 million, a rise of Rs11,440.734 million. Compared to last year’s corresponding figure of Rs140,940.691 million, the current week’s figure is smaller by Rs192.119 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 Rs59,183.528 million, similar to preceding week’s figure. The current week’s figure is smaller by Rs1,524.616 million over last year’s corresponding figure of Rs60,708.144 million.

There was an inflow of Rs41,819.346 million to the industrial sector during the week under review, a rise of Rs200.493 million against preceding week’s figure of Rs41,618.853 million. When compared to last year’s corresponding figure of Rs3,996.524 million, the current week’s figure is higher by Rs37,822.822 million.

The export sector received Rs133,381.979 million against previous week’s figure of Rs133,621.203 million, a fall of Rs239.224 million. Current week’s figure was larger by Rs26,837.16 million over last year’s corresponding figure of Rs106,544.819 million.

According to the weekly statement of position of all scheduled banks for the week ended February 3, 2007, deposits and other accounts of the scheduled banks stood at Rs2,985.663 billion, higher by Rs10.206 billion over preceding week’s figure of Rs2,975.457 billion. Commercial banks deposits showed a rise of Rs9.924 billion over the week to Rs2,973.475 billion, against preceding week’s Rs2,963.551 billion, while of specialized banks it rose by Rs0.283 billion to Rs12.188 billion, over previous week’s Rs11.905 billion.

Borrowings by all scheduled banks increased during the week over preceding week’s figure. It rose to Rs396.203 billion over preceding week’s figure of Rs382.635 billion, a rise of Rs13.568 billion. This was primarily due to an increase in the borrowings by commercial banks, which rose to Rs312.217 billion against previous week’s Rs297.549 billion, or by Rs14.668 billion, while borrowings by specialised banks stood at Rs83.986 billion against preceding week’s figure of Rs85.086 billion, a fall of Rs1.1 billion.

Gross advances stood at Rs2,370.066 billion in the week under review, a fall of Rs1.668 billion over preceding week’s figure of Rs2,371.734 billion. Advances by commercial banks declined to Rs2,274.233 billion against earlier week’s figure of Rs2,275.934 billion, smaller by Rs1.701 billion, while of specialized banks it stood at Rs95.832 billion against preceding week’s Rs95.800 billion, showing a increase of Rs0.032 billion.

Investments of all scheduled banks increased in the week by Rs38.959 billion to Rs833.442 billion against preceding week’s figure of Rs794.483 billion. Commercial banks investment rose to Rs820.607 billion, from earlier week’s Rs780.396 billion, higher by Rs40.211 billion, while of specialized banks it stood at Rs12.835 billion against previous week’s Rs14.087 billion, smaller by Rs1.252 billion.

Cash and balances with treasury banks of all scheduled banks decreased by Rs4.054 billion during the week to stand at Rs315.574 billion against earlier week’s Rs319.628 billion. The figure for commercial banks also declined to Rs313.449 billion against preceding week’s figure of Rs317.362 billion, a fall of Rs3.913 billion. For specialized banks there was a fall of Rs0.14 billion to Rs2.125 billion, against earlier week’s figure of Rs2.265 billion.

Total assets of scheduled banks stood at Rs4,025.412 billion, higher by Rs22.553 billion, over preceding week’s figure of Rs4,002.859 billion. Meanwhile, commercial banks assets stood at Rs3,912.559 billion, larger by Rs24.134 billion over previous week’s figure of Rs3,888.425 billion. Specialized banks assets fell by Rs1.582 billion to Rs112.853 billion against previous week’s Rs114.435 billion.