On February 18, the State Bank of Pakistan sold Rs39.55 billion three-month and one year Treasury bills against the target of Rs41 billion. It sold Rs23.25 billion three-month bills at a weighted average yield of 1.49 per cent and Rs16.30 billion one year bills at 1.97 per cent.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended February 14, 2004, both notes in circulation and those issued declined in the week under review.

Notes in circulation stood at Rs631,593.991 million against earlier week's figure of Rs637,915.945 million, showing a fall of Rs6,321.954 million. When compared to the corresponding week a year ago when it was Rs542,385.903 million, the current week's figure is higher by Rs89,208.088 million.

Total notes issued also recorded a fall in the current week over preceding week's level. At Rs631,814.861 million it was smaller by Rs6,209.707 million over the figure of Rs638,024.568 million recorded a week earlier.

In the corresponding week last year it amounted to Rs542,575.075 million, which shows current week's figure to be higher by Rs89,239.786 million over last year's corresponding figure.

Approved foreign exchange increased in the week, rising to Rs533,378.693 million or by Rs29,365.192 million over preceding week's figure of Rs504,013.501 million.

When compared to the corresponding week a year ago, when the figure was Rs465,879.018 million, the current week's figure was higher by Rs67,499.675 million.

Balances held outside Pakistan in approved foreign exchange increased in the week under review. It stood at Rs116,267.170 million over preceding week's figure of Rs103,559.777 million, showing an increase of Rs12,707.393 million.

Compared to last year's corresponding figure of Rs38,672.117 million, the current week's figure is substantially higher by Rs77,595.053 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 Rs55,703.139 million, similar to preceding week's figure. The current week's figure is larger by Rs646.37 million over last year's corresponding figure of Rs55,056.769 million.

There was an inflow of Rs2,526.592 million to the industrial sector during the week under review, depicting a decline of Rs5.535 million over previous week's Rs2,532.127 million. When compared to last year's corresponding figure of Rs2,977.362 million, the current week's figure is lower by Rs450.77 million.

The export sector received Rs78,210.801 million against previous week's figure of Rs77,802.072 million, showing a rise of Rs408.729 million. Current week's figure was larger by Rs32,887.78 million over last year's corresponding figure of Rs45,323.021 million.

According to the weekly statement of position of scheduled banks for the week ended February 7, 2004, the sum of demand and time liabilities increased in the week under review as both type of deposits rose.

The sum total stood at Rs1,891,632 million against preceding week's Rs1,881,184 million, showing a rise of Rs10,448 million. As compared to the total deposits of Rs1,609,573 million in the corresponding period last year, current week's deposits were higher by Rs282,059 million.

During the week under review, demand deposits stood at Rs935,030 million, a rise of Rs670 million over previous week's Rs934,360 million. It was also higher against last year's corresponding figure of Rs733,737 million by Rs201,298 million.

In the current week, time deposits also rose over preceding week's figure. At Rs956,602 million it was larger by Rs9,778 million over previous week's Rs.946,824 million and higher by Rs80,766 million, over last year's corresponding figure of Rs875,836 million.

Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities increased in the current week.

At Rs153,138 million it was larger by Rs33 million over preceding week's Rs153,105 million. Compared to last year's corresponding figure of Rs136,471 million, the current week's figure is higher by Rs16,667 million.

Scheduled banks borrowings from banks abroad stood at Rs21,070 million in the current week, as against Rs20,064 million a week ago, showing a rise of Rs1,006 million.

It was also larger by Rs6,888 million over last year's corresponding figure of Rs14,182 million. Money at call and short notice in Pakistan decreased in the week over previous week's figure.

It stood at Rs19,824 million, a fall of Rs3,220 million over preceding week's Rs23,044 million. When compared to last year's corresponding figure of Rs26,557 million, the current figure is lower by Rs6,733 million.

Scheduled banks advances including bills purchased and discounted declined in the week under review. At Rs1,218,697 million it was smaller by Rs2,024 million over preceding week's Rs1,220,721 million.

Compared to the corresponding figure a year ago, when advances were to the tune of Rs999,857 million, the current week's advances are higher by Rs218,840 million.

Scheduled banks investment in central government securities, Treasury bills and other approved securities declined in the current week when compared to preceding week's level.

Such investments amounted to Rs730,426 million, a fall of Rs1,582 million over previous week's Rs732,008 million. Compared to last year's corresponding figure of Rs646,586 million, the current week's investment is higher by Rs85,422 million.