ON November 29, the State Bank of Pakistan raised Rs2 billion from the auction of Pakistan Investment Bonds of 30 year maturity, at 11.6198 per cent. It received bids worth Rs11.070 billion, below the target of Rs15 billion.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended July 2November 17, 2007, both notes in circulation and those issued increased in the week.

Notes in circulation stood at Rs995,186.317 million against earlier week’s figure of Rs992,376.112 million, a rise of Rs2,810.205 million.

When compared to the corresponding week a year ago when it was Rs863,680.829 million, the current week’s figure is higher by Rs131,505.488 million.

Total notes issued also increased in the current week over preceding week’s level. At Rs995,377.246 million it was larger by Rs2,889.705 million over the figure of Rs992,487.541 million recorded a week earlier.

In the corresponding week last year it amounted to Rs863,895.340 million, which shows current week’s figure to be higher by Rs131,481.906 million over last year’s corresponding figure. Approved foreign exchange increased in the week to Rs751,764.282 million rising by Rs7,186.362 million over preceding week’s figure of Rs744,577.920 million.

When compared to the corresponding week a year ago, when the figure was Rs516,509.621 million, the current week’s figure is higher by Rs235,254.661 million.

Balances held outside Pakistan in approved foreign exchange decreased in the week under review.

It stood at Rs132,027.889 million over preceding week’s figure of Rs152,624.112 million, a fall of Rs20,596.223 million.

Compared to last year’s corresponding figure of Rs133,124.694 million, the current week’s figure is smaller by Rs1,096.805 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 Rs57,855.895 million, against preceding week’s figure of Rs57,855.896 million.

The current week’s figure is smaller by Rs5,326.89 million over last year’s corresponding figure of Rs63,182.785 million.

There was an inflow of Rs39,978.096 million to the industrial sector during the week under review, a rise of Rs131.216 million against preceding week’s figure of Rs39,846.880 million.

When compared to last year’s corresponding figure of Rs18,823.890 million, the current week’s figure is higher by Rs21,154.206 million.

The export sector received Rs100,487.061 million against previous week’s figure of Rs100,377.253 million, a rise of Rs109.808 million.

Current week’s figure was smaller by Rs22,600.049 million over last year’s corresponding figure of Rs123,087.110 million.

According to the weekly statement of position of all scheduled banks for the week ended November 17, 2007, deposits and other accounts of the scheduled banks stood at Rs3,471.545 billion, smaller by Rs13.029 billion over preceding week’s figure of Rs3,484.574 billion.

Commercial banks deposits showed an increase of Rs13.124 billion over the week to Rs3,459.556 billion, against preceding week’s Rs3,472.680 billion. Specialized banks deposits stood at Rs11.990 billion, against preceding week’s Rs11.895 billion, a rise of Rs0.095 billion.

Borrowings by all scheduled banks increased during the week over preceding week’s figure. It rose to Rs446.640 billion over preceding week’s figure of Rs426.456 billion, a rise of Rs20.184 billion.

This was primarily due to a rise in the borrowings by commercial banks, which rose to Rs365.452 billion against previous week’s Rs345.193 billion, or by Rs20.259 billion. Borrowings by specialized banks stood at Rs81.188 billion, against preceding week’s figure of Rs81.263 billion, a fall of Rs0.075 billion.

Gross advances stood at Rs2,524.602 billion in the week under review, an increase of Rs17.548 billion over preceding week’s figure of Rs2,507.054 billion. Advances by commercial banks rose to Rs2,429.428 billion against earlier week’s figure of Rs2,411.899 billion, or by Rs17.529 billion.

Advances of specialized banks stood at Rs95.174 billion, higher by Rs0.02 billion over earlier week’s figure of Rs95.154 billion.

Investments of all scheduled banks declined in the week by Rs0.889 billion to Rs1,248.100 billion against preceding week’s figure of Rs1,248.989 billion.

Commercial banks investment decreased to Rs1,234.071 billion, from earlier week’s Rs1,234.494 billion, or by Rs0.423 billion. Specialized banks investment stood at Rs14.029 billion, against preceding week’s Rs14.495 billion, smaller by Rs0.466 billion.