April 14, 2008	Monday	Rabi-us-Sani 7, 1429

In the auction held on April 9, the State Bank of Pakistan sold Rs37.68 billion, against bids worth Rs61.6 billion.

The SBP sold Rs9.9 billion of 3-month T-bills at a cut off yield of 9.5929 per cent, Rs11.7 billion of 6-month T-bills at 9.8686 per cent and Rs16.1 billion of 12 month T-bills at 10.1357 per cent.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended March 29, 2008, both notes in circulation and those issued decreased in the week. Notes in circulation stood at Rs1,041.863 billion against earlier week’s figure of Rs1,056.091 billion, a fall of Rs14.228 billion. When compared to the corresponding week a year ago when it was Rs879.275 billion, the current week’s figure is higher by Rs162.588 billion.

Total notes issued also decreased in the current week over preceding week’s level. At Rs1,042.046 billion it was smaller by Rs14.201 billion over the figure of Rs1,056.247 billion recorded a week earlier. In the corresponding week last year it amounted to Rs879.473 billion, which shows current week’s figure to be higher by Rs162.573 billion over last year’s corresponding figure.

Approved foreign exchange decreased in the week to Rs556.479 billion or by Rs12.167 billion over preceding week’s figure of Rs568.646 billion. When compared to the corresponding week a year ago, when the figure was Rs581.790 billion, the current week’s figure is lower by Rs25.311 billion.

Balances held outside Pakistan in approved foreign exchange decreased in the week under review. It stood at Rs150.526 billion over preceding week’s figure of Rs155.652 billion, a fall of Rs5.126 billion. Compared to last year’s corresponding figure of Rs137.224 billion, the current week’s figure is larger by Rs13.302 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 Rs10.406 billion over last year’s corresponding figure of Rs60.183 billion.

There was an inflow of Rs40.624 billion to the industrial sector during the week under review, a fall of Rs0.095 billion against preceding week’s figure of Rs40.719 billion. When compared to last year’s corresponding figure of Rs41.462 billion, the current week’s figure is smaller by Rs0.838 billion.

The export sector received Rs94.889 billion against previous week’s figure of Rs93.648 billion, higher by Rs1.241 billion. Current week’s figure was smaller by Rs40.847 billion over last year’s corresponding figure of Rs135.736 billion.

According to the weekly statement of position of all scheduled banks for the week ended March 29, 2008, deposits and other accounts of the scheduled banks stood at Rs3,628.142 billion, larger by Rs24.35 billion over preceding week’s figure of Rs3,603.792 billion. Commercial banks deposits showed an increase of Rs24.089 billion over the week to Rs3,615.120 billion, against preceding week’s Rs3,591.031 billion. Specialised banks deposits stood at Rs13.022 billion, against preceding week’s Rs12.761 billion, a rise of Rs0.261 billion.

Borrowings by all scheduled banks increased during the week over preceding week’s figure. It rose to Rs456.102 billion over preceding week’s figure of Rs414.624 billion, a rise of Rs41.478 billion. This was primarily due to a rise in the borrowings by commercial banks, which rose to Rs375.092 billion against previous week’s Rs333.598 billion, or by Rs41.494 billion. Borrowings by specialised banks stood at Rs81.010 billion, against preceding week’s figure of Rs81.025 billion.

Gross advances stood at Rs2,812.732 billion in the week under review, a rise of Rs31.286 billion over preceding week’s figure of Rs2,781.446 billion. Advances by commercial banks rose to Rs2,715.222 billion against earlier week’s figure of Rs2,684.495 billion, or by Rs30.727 billion. Advances of specialized banks stood at Rs97.510 billion, higher by Rs0.559 billion over earlier week’s figure of Rs96.951 billion.

Investments of all scheduled banks decreased in the week by Rs44.345 billion to Rs1,107.028 billion against preceding week’s figure of Rs1,151.373 billion.