At the Treasury bill auction on May 7, the cut off yield on 6 month T-bill rose to 9.9570 from 9.8686 per cent.

The weighted average annual yield on the six-month paper came at 9.8931 from 9.8686 per cent, in the last auction on April 23, the SBP said.

The cut-off yield on the 12 month paper rose to 10.2452 from 10.1357 per cent, and its weighted average yield rose to 10.1715 from 10.1357 per cent at the last auction.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended April 26, 2008, both notes in circulation and those issued decreased in the week. Notes in circulation stood at Rs1,044.472 billion against earlier week’s figure of Rs1,052.543 billion, a fall of Rs8.071 billion. When compared to the corresponding week a year ago when it was Rs882.947 billion, the current week’s figure is higher by Rs161.525 billion.

Total notes issued also declined in the current week over preceding week’s level. At Rs1,044.618 billion it was smaller by Rs8.106 billion over the figure of Rs1,052.724 billion recorded a week earlier. In the corresponding week last year it amounted to Rs883.146 billion, which shows current week’s figure to be higher by Rs161.472 billion over last year’s corresponding figure.

Approved foreign exchange increased in the week to Rs543.012 billion or by Rs8.783 billion over preceding week’s figure of Rs534.229 billion. When compared to the corresponding week a year ago, when the figure was Rs601.012 billion, the current week’s figure is lower by Rs58.00 billion.

Balances held outside Pakistan in approved foreign exchange decreased in the week under review. It stood at Rs137.422 billion over preceding week’s figure of Rs143.225 billion, a fall of Rs5.803 billion. Compared to last year’s corresponding figure of Rs125.611 billion, the current week’s figure is larger by Rs11.811 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 Rs49.777 billion, similar to preceding week’s figure. The current week’s figure is smaller by Rs10.406 billion over last year’s corresponding figure of Rs60.183 billion.

There was an inflow of Rs39.854 billion to the industrial sector during the week under review, a rise of Rs0.137 billion against preceding week’s figure of Rs39.717 billion. When compared to last year’s corresponding figure of Rs41.776 billion, the current week’s figure is smaller by Rs1.922 billion.

The export sector received Rs98.264 billion against previous week’s figure of Rs97.977 billion, higher by Rs0.287 billion. Current week’s figure was smaller by Rs40.099 billion over last year’s corresponding figure of Rs138.363 billion.

According to the weekly statement of position of all scheduled banks for the week ended April 26, 2008, deposits and other accounts of the scheduled banks stood at Rs3,650.050 billion, larger by Rs22.628 billion over preceding week’s figure of Rs3,627.422 billion. Commercial banks deposits showed a increased of Rs22.515 billion over the week to Rs3,637.524 billion, against preceding week’s Rs3,615.009 billion. Specialised banks deposits stood at Rs12.525 billion, against preceding week’s Rs12.413 billion, a rise of Rs0.112 billion.

Borrowings by all scheduled banks increased during the week over preceding week’s figure. It rose to Rs428.801 billion over preceding week’s figure of Rs425.979 billion, a rise of Rs2.822 billion. This was primarily due to a rise in the borrowings by commercial banks, which rose to Rs347.737 billion against previous week’s Rs344.809 billion, or by Rs2.928 billion. Borrowings by specialised banks stood at Rs81.063 billion, against preceding week’s figure of Rs81.170 billion.

Gross advances stood at Rs2,870.619 billion in the week under review, a rise of Rs19.368 billion over preceding week’s figure of Rs2,851.251 billion. Advances by commercial banks rose to Rs2,774.353 billion against earlier week’s figure of Rs2,755.232 billion, or by Rs19.121 billion. Advances of specialised banks stood at Rs96.266 billion, larger by Rs0.248 billion over earlier week’s figure of Rs96.018 billion.

Investments of all scheduled banks decreased in the week by Rs51.107 billion to Rs1,060.154 billion against preceding week’s figure of Rs1,111.261 billion. Commercial banks investment fell to Rs1,046.060 billion, from earlier week’s Rs1,097.011 billion, or by Rs50.951 billion. Specialised banks investment stood at Rs14.094 billion, against preceding week’s Rs14.250 billion, smaller by Rs0.156 billion.

Cash and balances with treasury banks of all scheduled banks increased by Rs22.173 billion during the week to stand at Rs374.557 billion against earlier week’s Rs352.384 billion. The figure for commercial banks stood at Rs371.683 billion against preceding week’s figure of Rs349.660 billion, a rise of Rs22.023 billion, while of specialised banks it stood at Rs2.874 billion over previous week’s Rs2.723 billion.

Total assets of scheduled banks stood at Rs4,941.230 billion, larger by Rs30.985 billion, over preceding week’s figure of Rs4,910.245 billion. Meanwhile, commercial banks assets stood at Rs4,823.970 billion, larger by Rs31.152 billion over previous week’s figure of Rs4,792.818 billion. Specialised banks assets fell to Rs117.260 billion, or by Rs0.167 billion over previous week’s Rs117.427 billion.