On March 19, the State Bank of Pakistan sold Rs40.23 billion of 3-month and 12-month Treasury bills at the auction. Of the total sold, Rs23.01 were 12 month bills and Rs17.22 billion were 3-month bills.

The weighted average annual yield on these fell to 2.6588 per cent and 2.1691 per cent, respectively. The State Bank had received bids worth Rs107.1 billion. According to the Statement of Affairs of the State Bank of Pakistan, for the week ended March 8, 2003, both notes in circulation and those issued showed an increase in the week under review. Notes in circulation stood at Rs532,948.025 million against earlier week’s figure of Rs525,598.848 million, showing a rise of Rs7,349.177 million. When compared to the corresponding week a year ago when it was Rs473,598.861 million, the current week’s figure is higher by Rs59,349.164 million.

Total notes issued also recorded a rise in the current week. At Rs533,154.207 million it was higher by Rs7,393.086 million over the figure of Rs525,761.121 million recorded a week earlier. In the corresponding week last year it amounted to Rs473,743.540 million, which shows current week’s figure to be higher by Rs59,410.667 million over last year’s figure.

Approved foreign exchange declined further in the week to Rs476,006.603 million, smaller by Rs1,243.411 million over preceding week’s figure of Rs477,250.014 million, recorded a week earlier. When compared to the corresponding week a year ago, when the figure was Rs173,060.575 million, the current week’s figure was higher by Rs302,946.028 million.

Balances held outside Pakistan in approved foreign exchange showed a substantial increase in the week under review. It stood at Rs68,258.775 million over preceding week’s figure of Rs37,372.230 million, showing a rise of Rs30,886.545 million. Compared to last year’s corresponding figure of Rs57,250.311 million, the current week’s figure is higher by Rs11,008.464 million.

Loans and advances of scheduled banks to the three sectors — agricultural, industrial and export — showed a mixed picture in the week under review. The agricultural sector received Rs54,028.074 million against preceding week’s figure of Rs54,467.769, a fall of Rs439.695 million. The current week’s figure is lower by Rs113.367 million over last year’s corresponding figure of Rs54,141.441 million.

There was an inflow of Rs2,984.267 million to the industrial sector during the week under review, depicting a decline of Rs5.348 million over previous week’s Rs2,989.615 million. When compared to last year’s corresponding figure of Rs3,647.578 million, the current week’s figure is lower by Rs663.311 million.

The export sector received Rs43,777.327 million against previous week’s figure of Rs43,608.413 million, showing a rise of Rs168.914 million. Current week’s figure was smaller by Rs9,227.445 million over last year’s corresponding figure of Rs53,004.772 million.

According to the weekly statement of position of scheduled banks for the week ended March 8, 2003, the sum of demand and time liabilities showed a further increase in the week under review. The sum total stood at Rs1,644,916 million against preceding week’s Rs1,635,596 million, showing a rise of Rs9,320 million. As compared to the total deposits of Rs1,392,254 million in the corresponding period last year, current week’s deposits were higher by Rs252,662 million.

During the week under review both demand and time deposits increased. Demand deposits rose to Rs748,024 million, or by Rs3,700 million over previous week’s Rs744,324 million. It was also, higher against last year’s corresponding figure of Rs618.619 million by Rs129,405 million.

In the current week, time deposits were higher over preceding week and against the corresponding week last year. At Rs896,892 million, it was larger by Rs5,620 million over previous week’s Rs891,272 million, and by Rs123,257 million, over last year’s corresponding figure of Rs773,635 million.

Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities declined further in the current week. At Rs131,483 million it was smaller by Rs541 million over preceding week’s Rs132,024 million. Compared to last year’s corresponding figure of Rs120,801 million, the current week’s figure is higher by Rs10,682 million.

Scheduled banks borrowings from banks abroad stood at Rs14,291 million in the current week, as against Rs14,658 million a week ago, showing a rise of Rs367 million. It was larger by Rs150 million over last year’s corresponding figure of Rs14,441 million. Money at call and short notice in Pakistan declined further in the week under review. It stood at Rs21,931 million, a fall of Rs830 million over preceding week’s Rs22,761 million. When compared to last year’s corresponding figure of Rs48,623 million, the current figure is lower by Rs26,692 million.

Scheduled banks advances including bills purchased and discounted, increased in the week under review. At Rs984,564 million it was larger by Rs694 million over preceding week’s Rs983,870 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs975,342 million, the current week’s advances are higher by Rs9,222 million.

Scheduled banks investment in central government securities, Treasury bills and other approved securities which had fallen a week earlier, rose in the current week. Such investments amounted to Rs677,017 million, a rise of Rs14,492 million over previous week’s Rs662,525 million. Compared to last year’s corresponding figure of Rs370,212 million, the current week’s investment is higher by Rs306,805 million.

Total assets of scheduled banks rose in the week under review. These rose to Rs2,521,284 million against previous week’s Rs2,500,901 million, a rise of Rs20,383 million. Compared to last year’s corresponding figure of Rs2,134,047 million it shows a rise of Rs387,237 million.