At the Treasury bill auction on May 23, the State Bank of Pakistan picked up Rs47.875 million for six month, cut off yield of 8.9017 per cent. It picked up Rs6.78 billion for 12-month T-bills and raised the yield to 9.1119 per cent from 9.10 per cent. It also picked up Rs490 million for three-months T-bills at 8.6869 per cent.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended July 2May 12, 2007, both notes in circulation and those issued increased in the week. Notes in circulation stood at Rs916,364.582 million against earlier week’s figure of Rs904,170.755 million, a rise of Rs12,193.827 million. When compared to the corresponding week a year ago when it was Rs811,337.604 million, the current week’s figure is higher by Rs105,026.978 million.

Total notes issued also rose in the current week over preceding week’s level. At Rs916,535.098 million it was larger by Rs12,186.459 million over the figure of Rs904,348.639 million recorded a week earlier. In the corresponding week last year it amounted to Rs811,452.224 million, which shows current week’s figure to be higher by Rs105,082.874 million over last year’s corresponding figure.

Approved foreign exchange increased in the week to Rs598,263.406 million or by Rs1,772.659 million over preceding week’s figure of Rs596,490.747 million. When compared to the corresponding week a year ago, when the figure was Rs541,530.223 million, the current week’s figure is higher by Rs56,733.183 million.

Balances held outside Pakistan in approved foreign exchange increased in the week under review. It stood at Rs133,567.381 million over preceding week’s figure of Rs133,347.988 million, a rise of Rs219.393 million. Compared to last year’s corresponding figure of Rs129,232.329 million, the current week’s figure is larger by Rs4,335.052 million.

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 Rs59,723.528 million, against preceding week’s figure of Rs60,183.529 million, showing a decline of Rs460.001 million. The current week’s figure is smaller by Rs1,920.454 million over last year’s corresponding figure of Rs61,643.982 million.

There was an inflow of Rs41,926.726 million to the industrial sector during the week under review, a rise of Rs85.513 million against preceding week’s figure of Rs41,841.213 million. When compared to last year’s corresponding figure of Rs6,229.416 million, the current week’s figure is higher by Rs35,697.31 million.

The export sector received Rs138,258.557 million against previous week’s figure of Rs138,542.943 million, a fall of Rs284.386 million. Current week’s figure was larger by Rs29,044.908 million over last year’s corresponding figure of Rs109,213.649 million.