ON February 12, the State Bank of Pakistan (SBP) pumped in Rs18.3 billion in the inter-bank market. The injection was made through two-week and four-week reverse repo of Treasury bills at an open market operation.

The SBP said it injected Rs8.5 billion for two weeks at 6.22 per cent and Rs9.8 billion for four weeks also at the same rate.

According to the Statement of Affairs of the SBP, for the week ended February 2, 2002, both notes in circulation and those issued continued to fall in the week under review. Notes in circulation stood at Rs449,428.473 million against the preceding week’s Rs452,558.702 million, showing a fall of Rs3,130.702 million. When compared to the corresponding week a year ago when it was Rs402,417.242 million, the current week’s figure is higher by Rs47,011.231 million.

The total notes continued to show a fall in the current week. At Rs449,555.706 million it was smaller by Rs3,213.226 million over a week earlier figure of Rs452,768.932 million. In the corresponding week last year it amounted to Rs402,417.242 million, which shows current week’s figure to be higher by Rs47,138.464 million over last year’s figure.

Approved foreign exchange rose in the week under review. It stood at Rs154,315.530 million, showing an increase of Rs4,448.656 million over previous week’s Rs149,866.874 million. When compared to last year’s corresponding figure of Rs45,645.740 million, the current week’s figure is substantially higher by Rs111,669.790 million.

Balances held outside Pakistan in approved foreign exchange, continued to fall in the week under review. It stood at Rs62,697.385 million over preceding week’s figure of Rs64,344.195 million, showing a fall of Rs1,646.810 million. Compared to last year’s corresponding figure of Rs22,470.020 million, the current week’s figure is larger by Rs39,824.365 million.

Loans and advances of scheduled banks to the three sectors, agriculture, industrial and export show a mixed trend under review. The agriculture sector received Rs54,792.618 million, against preceding week’s figure of Rs55,006.618 million over last year’s fall of Rs214 million. The current week’s figure is smaller by Rs58.355 million over last year’s corresponding figure of Rs54,850.973 million.

There was an inflow of Rs3,713.359 million in the industrial sector during the week under review, depicting a decline of Rs6.350 million over previous week’s Rs3,719.709 million. Compared to last year’s corresponding figure of Rs4,579.193 million, the current week’s figure is lower by Rs865.834 million.

The export sector received Rs45,260.963 million over previous week’s figure of Rs52,720.890 million, showing a fall of Rs7,459.927 million. Current week’s figure was lower by Rs32,051.181 million over last year’s corresponding figure of Rs77,320.144 million.

According to the weekly statement of position of scheduled banks for the week ended February 2, the sum demand and time liabilities increased in the week under review. The sum total stood at Rs1,376,265 million against preceding week’s Rs1,369,623 million, showing an increase of Rs6,642 million. As compared to the total deposits of Rs1,243,157 million in the corresponding period last year, current week’s deposits were higher by Rs133,108 million.

During the week under review, demand deposits rose to Rs605,631 million, or by Rs3,385 million over previous week’s Rs602,246 million, and was also higher against last year’s corresponding figure of Rs543,343 million by Rs62,228 million.

Time deposits were also higher over the preceding week as well as the corresponding week last year. At Rs770,634 million it was higher by Rs3,257 million over previous week’s Rs767,377 million, and by Rs70,820 million, over last year’s corresponding figure of Rs699,814 million.

Scheduled banks borrowing from the SBP against promissory notes and other approved securities showed downward trend in the current week. At Rs114,013 million it was lower by Rs9,317 million over preceding week’s Rs123,330 million. Compared to last year’s corresponding figure of Rs142,995 million, the current week’s figure is also lower by Rs28,992 million.

Scheduled banks borrowings from banks stood at Rs14,769 million in the current week, as against Rs14,796 million a week ago, showing a fall of Rs27 million. It was lower by Rs18,295 million over last year’s corresponding figure of Rs33,028 million.

Money at call and short notice in Pakistan showed a rise in the week under review. It stood at Rs50,797 million, showing an increase of Rs1,228 million over preceding week’s Rs49,569 million. When compared to last year’s corresponding figure of Rs40,690 million, the current figure is larger by Rs10,107 million.

Scheduled banks advances including bills purchased and discounted, also fell in the week under review. At Rs986,265 million it was lower by Rs4,533 million over preceding week’s Rs990,798 million.

Compared to the corresponding figure a year ago, when advances were higher by Rs58,095 million. Scheduled banks’ investment in central government securities, Treasury bills and other approved securities showed a rise in the week under review. Such investment amounted to Rs347,164 million, a rise of Rs18,283 million over previous week’s Rs328,881 million. Compared to last year’s corresponding figure of Rs258,525 million, the current week’s investment is higher by Rs88,639 million.

Total assets of schedule banks showed a rise in the week under review. These rose to Rs2,084,048 million against previous week’s Rs2,077,344 million, showing an increase of Rs227,365 million.