THE State Bank of Pakistan sold Rs12.10 billion of six month treasury bills on April 30. Bids received totalled Rs27.47 billion. The average yield on 6-month T-bills had risen to 1.6540 percent at the auction from 1.6389 per cent at the previous sale.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended April 26, 2003, both notes in circulation and those issued declined further in the week under review. Notes in circulation stood at Rs519,776.417 million against earlier week’s figure of Rs524,694.027 million, showing a fall of Rs4,917.61 million. When compared to the corresponding week a year ago when it was Rs450,841.489 million, the current week’s figure is higher by Rs68,934.928 million.

Total notes issued also recorded a drop in the current week. At Rs519,960.176 million it was smaller by Rs4,898.677 million over the figure of Rs524,858.853 million recorded a week earlier. In the corresponding week last year it amounted to Rs451,032.125 million, which shows current week’s figure to be higher by Rs68,928.051 million over last year’s figure.

Approved foreign exchange showed an increase in the week to Rs451,300.799 million, larger by Rs219.845 million over preceding week’s figure of Rs451,520.644 million. When compared to the corresponding week a year ago, when the figure was Rs212,648.666 million, the current week’s figure was higher by Rs238,652.133 million.

Balances held outside Pakistan in approved foreign exchange showed a further increase in the week under review. It stood at Rs95,441.216 million over preceding week’s figure of Rs94,831.162 million, showing a rise of Rs610.054 million. Compared to last year’s corresponding figure of Rs25,036.843 million, the current week’s figure is higher by Rs70,404.373 million.

Loans and advances of scheduled banks to the three sectors— agricultural, industrial and export—showed a mixed picture in the week under review. The agricultural sector received Rs53,892.073 million against preceding week’s figure of Rs53,971.073 million showing a decrease of Rs79 million. The current week’s figure is lower by Rs7.368 million over last year’s corresponding figure of Rs53,899.441 million.

There was an inflow of Rs2,931.919 million to the industrial sector during the week under review, depicting a decline of Rs1.984 million over previous week’s Rs2,933.903 million. When compared to last year’s corresponding figure of Rs3,628.110 million, the current week’s figure is lower by Rs696.191 million.

The export sector received Rs44,904.284 million against previous week’s figure of Rs45,702.849 million, showing a decline of Rs798.565 million. Current week’s figure was smaller by Rs12,528.307 million over last year’s corresponding figure of Rs57,432.591 million.

According to the weekly statement of position of scheduled banks for the week ended April 19, 2003, the sum of demand and time liabilities which had declined earlier rose in the week under review. The sum total stood at Rs1,645,276 million against preceding week’s Rs1,645,195 million, showing a rise of Rs81 million. As compared to the total deposits of Rs1,396,229 million in the corresponding period last year, current week’s deposits were higher by Rs249,047 million. During the week under review, time deposits declined while demand deposits rose. Demand deposits rose to Rs755,528 million, showing a rise of Rs6066 million over previous week’s Rs749,462 million. It was also higher against last year’s corresponding figure of Rs622,423 million by Rs133,105 million.

In the current week, time deposits were lower over preceding week, but higher against the corresponding week last year. At Rs889,748 million, it was smaller by Rs5,985 million over previous week’s Rs895,733 million, but larger by Rs115,942 million, over last year’s corresponding figure of Rs773,806 million. Scheduled banks borrowings from the State Bank against promissory notes and other approved securities decreased in the current week. At Rs127,895 million it was smaller by Rs1,625 million over preceding week’s Rs129,520 million. Compared to last year’s corresponding figure of Rs133,525 million, the current week’s figure is lower by Rs5,630 million.

Scheduled banks borrowings from banks abroad stood at Rs15,755 million in the current week, as against Rs14,412 million a week ago, showing a rise of Rs1,343 million. It was larger by Rs2,201 million over last year’s corresponding figure of Rs13,554 million. Money at call and short notice in Pakistan decreased in the week under review. It stood at Rs23,311 million, a fall of Rs382 million over preceding week’s Rs23,693 million. When compared to last year’s corresponding figure of Rs37,599 million, the current figure is lower by Rs14,288 million.

Scheduled banks advances including bills purchased and discounted, continued to rise in the week under review. At Rs998,248 million it was larger by Rs3,174 million over preceding week’s Rs995,074 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs954,750 million, the current week’s advances are higher by Rs43,498 million.