On November 13, the State Bank of Pakistan mopped up Rs20.9 billion by selling six-month Treasury bills against the target of Rs30 billion.

It left enough liquidity in the banking system to enable them to offer liberal credit to the private sector, and to finance the pre-Eid withdrawals. Also lesser amount was mopped up so as to keep the market liquid ahead of the long-term bonds auction later this month.

The cut-off yield was left unchanged at 6.37 per cent. According to the Statement of Affairs of the State Bank of Pakistan, for the week ended November 2, both notes in circulation and those issued maintained the rise in the week under review. Notes in circulation stood at Rs480,490.810 million against earlier week’s figure of Rs471,740.056 million, showing a rise of Rs8,750.754 million. When compared to the corresponding week a year ago when it was Rs425,590.956 million, the current week’s figure is higher by Rs54,899.854 million.

Total notes issued also recorded a rise in the current week. At Rs480,641.814 million it was larger by Rs8,693.722 million over the figure of Rs471,948.092 million recorded a week earlier. In the corresponding week last year it amounted to Rs425,805.914 million, which shows current week’s figure to be higher by Rs54,835.9 million over last year’s figure.

The approved foreign exchange stood at Rs356,674.928 million, larger by Rs11.199.209 million over the preceding week’s figure of Rs345,475.719 million recorded a week earlier. When compared to the corresponding week a year ago, when the figure was Rs124,084.572 million, the current week’s figure was higher by Rs232,590.356 million.

Balances held outside Pakistan in approved foreign exchange decreased in the week under review. It stood at Rs43,647.696 million over the preceding week’s figure of Rs51,732.902 million, showing a fall of Rs8,085.206 million. Compared to last year’s corresponding figure of Rs23,530.042 million, the current week’s figure is larger by Rs20,117.654 million.

Loans and advances of scheduled banks to the three sectors — agricultural, industrial and export show a mixed picture in the week under review. The agricultural sector received Rs53,905.026 million, against the preceding week’s Rs53,855.026 million showing a rise of Rs50 million. The current week’s figure is smaller by Rs386.764 million over the last year’s corresponding figure of Rs54,291.790 million.

There was an inflow of Rs3,259.671 million to the industrial sector during the week under review, depicting a decline of Rs6.172 million over previous week’s Rs3,265.843 million. When compared to last year’s corresponding figure of Rs3,949.681 million, the current week’s figure is lower by Rs690.01 million. The export sector received Rs49,703.766 million over previous week’s figure of Rs49,259.366 million, showing a rise of Rs444.4 million. The current week’s figure was lower by Rs4,954.762 million over last year’s corresponding figure of Rs54,658.528 million.