On December 3, the State Bank of Pakistan mopped up Rs81.47 billion in the Treasury Bills auction. It lifted Rs80 billion by selling 3 month T-bills at 13.8549 per cent and Rs1.47 billion by selling 6-month T-bills at 14.0108 per cent.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended November 22, 2008, both notes in circulation and those issued decreased in the week. Notes in circulation stood at Rs1,191.601 billion against earlier week’s figure of Rs1,199.987 billion, a fall of Rs8.386 billion. When compared to the corresponding week a year ago when it was Rs992.576 billion, the current week’s figure is higher by Rs199.025 billion.

Total notes issued also decreased in the current week over preceding week’s level. At Rs1,191.723 billion it was smaller by Rs8.405 billion over the figure of Rs1,200.128 billion recorded a week earlier. In the corresponding week last year it amounted to Rs992.771 billion, which shows current week’s figure to be higher by Rs198.952 billion over last year’s corresponding figure.

Approved foreign exchange decreased in the week to Rs173.368 billion or by Rs1.839 billion over preceding week’s figure of Rs175.207 billion. When compared to the corresponding week a year ago, when the figure was Rs739.101 billion, the current week’s figure is lower by Rs565.733 billion.

Balances held outside Pakistan in approved foreign exchange declined in the week under review. It stood at Rs140.683 billion over preceding week’s figure of Rs146.221 billion, a fall of Rs5.538 billion. Compared to last year’s corresponding figure of Rs142.184 billion, the current week’s figure is smaller by Rs1.501 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 Rs57.777 billion, similar to preceding week’s figure. The current week’s figure is smaller by Rs0.078 billion over last year’s corresponding figure of Rs57.855 billion.

There was an inflow of Rs36.549 billion to the industrial sector during the week under review, a rise of Rs0.243 billion against preceding week’s figure of Rs36.306 billion. When compared to last year’s corresponding figure of Rs40.094 billion, the current week’s figure is smaller by Rs3.345 billion.

The export sector received Rs117.863 billion against previous week’s figure of Rs107.382 billion, larger by Rs10.481 billion. Current week’s figure was larger by Rs17.281 billion over last year’s corresponding figure of Rs100.582 billion.

According to the weekly statement of position of all scheduled banks for the week ended November 29, 2008, deposits and other accounts of the scheduled banks rose in the current week and stood at Rs3,756.126 billion, higher by Rs46.67 billion over preceding week’s figure of Rs3,709.456 billion. Compared with last year’s corresponding figure of Rs3,542.007 billion, the current week’s figure is larger by Rs214.119 billion. During the current week commercial banks deposits showed an increase of Rs46.55 billion over the week to Rs3,744.764 billion, against preceding week’s Rs3,698.214 billion. Specialized banks deposits stood at Rs11.361 billion, against preceding week’s Rs11.241 billion, a rise of Rs0.12 billion.

Borrowings by all scheduled banks increased in the week. It rose to Rs446.815 billion over preceding week’s figure of Rs414.602 billion, a rise of Rs32.213 billion. Compared to last year’s corresponding figure of Rs420.575 billion, current week’s figure is higher by Rs26.24 billion. Commercial banks borrowings rose to Rs365.601 billion against previous week’s Rs333.484 billion, or by Rs32.117 billion. Borrowings by specialised banks stood at Rs81.214 billion, against preceding week’s figure of Rs81.118 billion, larger by Rs0.096 billion.

Gross advances stood at Rs3,131.312 billion in the week under review, a fall of Rs3.439 billion over preceding week’s figure of Rs3,134.751 billion. Compared to last year’s corresponding figure of Rs2,563.651 billion, current week’s figure is larger by Rs567.661 billion. In the week under review, advances by commercial banks fell to Rs3,031.355 billion against earlier week’s figure of Rs3,034.976 billion, or by Rs3.621 billion. Advances of specialised banks stood at Rs99.957 billion, larger by Rs0.182 billion over earlier week’s figure of Rs99.775 billion.