On March 10, the State Bank of Pakistan accepted bids for Rs2.1 billion in its open market operation of Market Treasury Bills. Bids offered were for a sum of Rs9 billion. On March 12, the State Bank sold Rs7.77 billion of 6 month Treasury Bills at 9.8223 per cent, Rs20 billion of 12 month T-bills at 10.1357 per cent and Rs489.32 million of 3 month paper at 9.5475 per cent. The SBP had received total bids of Rs33.51 billion.
According to the Statement of Affairs of the State Bank of Pakistan, for the week ended March 1, 2008, both notes in circulation and those issued decreased further in the week. Notes in circulation stood at Rs1,040.150 billion against earlier week’s figure of Rs1,050.242 billion, a fall of Rs10.092 billion. When compared to the corresponding week a year ago when it was Rs797.533 billion, the current week’s figure is higher by Rs242.617 billion.
Total notes issued also declined in the current week over preceding week’s level. At Rs1,040.361 billion it was smaller by Rs10.011 billion over the figure of Rs1,050.372 billion recorded a week earlier. In the corresponding week last year, it amounted to Rs797.712 billion, which shows current week’s figure to be higher by Rs242.649 billion over last year’s corresponding figure.
Approved foreign exchange increased in the week to Rs623.018 billion or by Rs12.836 billion over preceding week’s figure of Rs610.182 billion. When compared to the corresponding week a year ago, when the figure was Rs446.079 billion, the current week’s figure is higher by Rs176.939 billion.
Balances held outside Pakistan in approved foreign exchange declined in the week under review. It stood at Rs131.695 billion over preceding week’s figure of Rs140.671 billion, a fall of Rs8.976 billion. Compared to last year’s corresponding figure of Rs133.673 billion, the current week’s figure is smaller by Rs1.978 billion.
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 Rs49.777 billion, similar to preceding week’s figure. The current week’s figure is smaller by Rs11.93 billion over last year’s corresponding figure of Rs61.707 billion.
There was an inflow of Rs41.068 billion to the industrial sector during the week under review, a rise of Rs1.475 billion against preceding week’s figure of Rs39.593 billion. When compared to last year’s corresponding figure of Rs5.278 billion, the current week’s figure is higher by Rs35.79 billion.
The export sector received Rs91.505 billion against previous week’s figure of Rs97.357 billion, lower by Rs5.852 billion. Current week’s figure was smaller by Rs13.278 billion over last year’s corresponding figure of Rs104.783 billion.
On March 10, the State Bank of Pakistan accepted bids for Rs2.1 billion in its open market operation of Market Treasury Bills. Bids offered were for a sum of Rs9 billion. On March 12, the State Bank sold Rs7.77 billion of 6 month Treasury Bills at 9.8223 per cent, Rs20 billion of 12 month T-bills at 10.1357 per cent and Rs489.32 million of 3 month paper at 9.5475 per cent. The SBP had received total bids of Rs33.51 billion.
