June 09, 2008	Monday	Jamadi-us-Sani 04, 1429

At the Treasury bill auction on June 4, the cut off yield on 3 month, 6 month and 12 month T-bills rose.

The weighted average annual yield on the 6-month paper came at 11.1894 per cent, up from 9.8931 per cent in an auction on May 7. The cut-off yield on the 12-month paper rose to 11.4893 per cent from 10.2452 per cent, and its weighted average yield rose to 11.3931 per cent, from 10.3246 per cent.

The cut-off yield on the 3-month paper came at 11.2331 per cent, up from 9.7746 per cent and the average weighted yield rose to 10.9769 per cent from 9.6679 per cent previously.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended May 24, 2008, both notes in circulation and those issued decreased in the week. Notes in circulation stood at Rs1,067.685bn against earlier week’s figure of Rs1,076.999bn, a fall of Rs9.314bn. When compared to the corresponding week a year ago when it was Rs903.257bn, the current week’s figure is higher by Rs164.428bn.

Total notes issued also declined in the current week over preceding week’s level. At Rs1,067.882bn it was smaller by Rs9.313bn over the figure of Rs1,077.195bn recorded a week earlier. In the corresponding week last year it amounted to Rs903.425bn, which shows current week’s figure to be higher by Rs164.457bn over last year’s corresponding figure.

Approved foreign exchange declined in the week to Rs465.464bn or by Rs31.731bn over preceding week’s figure of Rs497.195bn. When compared to the corresponding week a year ago, when the figure was Rs599.110bn, the current week’s figure is lower by Rs133.646bn.

Balances held outside Pakistan in approved foreign exchange declined in the week under review. It stood at Rs165.337bn over preceding week’s figure of Rs166.984bn, a fall of Rs1.647bn. Compared to last year’s corresponding figure of Rs136.311bn, the current week’s figure is larger by Rs29.026bn.

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 Rs49.777bn, similar to preceding week’s figure. The current week’s figure is smaller by Rs10.406bn over last year’s corresponding figure of Rs60.183bn.

There was an inflow of Rs39.844bn to the industrial sector during the week under review, a rise of Rs0.016bn against preceding week’s figure of Rs39.828bn. When compared to last year’s corresponding figure of Rs42.205bn, the current week’s figure is smaller by Rs2.361bn.

The export sector received Rs100.291bn against previous week’s figure of Rs99.414bn, higher by Rs0.877bn. Current week’s figure was smaller by Rs38.103bn over last year’s corresponding figure of Rs138.394bn.

According to the weekly statement of position of all scheduled banks for the week ended May 24, 2008, deposits and other accounts of the scheduled banks stood at Rs3,653.497bn, smaller by Rs1bn over preceding week’s figure of Rs3,654.497bn. Commercial banks deposits showed a fall of Rs0.874bn over the week to Rs3,641.103bn, against preceding week’s Rs3,641.977bn. Specialised banks deposits stood at Rs12.394bn, against preceding week’s Rs12.520bn, a decline of Rs0.126bn.

Gross advances stood at Rs2,948.839bn in the week under review, a fall of Rs0.44bn over preceding week’s figure of Rs2,949.279bn.

Advances by commercial banks fell to Rs2,851.842bn against earlier week’s figure of Rs2,852.524bn, or by Rs0.682bn. Advances of specialised banks stood at Rs96.998bn, larger by Rs0.244bn over earlier week’s figure of Rs96.754bn.

Investments of all scheduled banks declined in the week by Rs21.521bn to Rs991.484bn against preceding week’s figure of Rs1,013.005bn. Commercial banks investment fell to Rs977.550bn, from earlier week’s Rs998.104bn, or by Rs20.554bn. Specialised banks investment stood at Rs13.934bn, against preceding week’s Rs14.901bn, smaller by Rs0.967bn.