On December 24, the State Bank of Pakistan sold worth Rs200 million one-year Treasury bills against the total bids of Rs4.9 billion received, both one-year and three-month. The amount was sold at a weighted average of 1.99 per cent — almost unchanged at the previous level of 1.98 per cent.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended December 20, 2003, both notes in circulation and those issued declined further in the week under review.

Notes in circulation stood at Rs608,908.213 million against earlier week’s figure of Rs615,017.132 million, showing a fall of Rs6,108.919 million.

When compared to the corresponding week a year ago when it was Rs525,328.587 million, the current week’s figure is higher by Rs83,579.626 million.

Total notes issued also recorded a fall in the current week over preceding week’s level.

At Rs609,076.097 million it was smaller by Rs6,092.593 million over the figure of Rs615,168.690 million recorded a week earlier.

In the corresponding week last year it amounted to Rs525,512.442 million, which shows current week’s figure to be higher by Rs83,563.655 million over last year’s corresponding figure.

Approved foreign exchange decreased in the week, falling to Rs525,458.896 million or by Rs372.226 million over preceding week’s figure of Rs525,831.122 million.

When compared to the corresponding week a year ago, when the figure was Rs387,738.003 million, the current week’s figure was higher by Rs137,720.893 million.

Balances held outside Pakistan in approved foreign exchange continued to fall and in the week under review it stood at Rs79,905.332 million over preceding week’s figure of Rs79,744.612 million, showing a fall of Rs160.72 million.

Compared to last year’s corresponding figure of Rs60,274.416 million, the current week’s figure is substantially higher by Rs19,630.916 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 Rs55,443.904 million, against preceding week’s figure of Rs55,093.904 million, showing an increase of Rs350.0 million.

The current week’s figure is larger by Rs1,379.716 million over last year’s corresponding figure of Rs54,064.188 million.

There was an inflow of Rs2,608.390 million to the industrial sector during the week under review, depicting a decline of Rs56.577 million over previous week’s Rs2,664.967 million.

When compared to last year’s corresponding figure of Rs3,178.692 million, the current week’s figure is lower by Rs570.302 million.

The export sector received Rs75,538.761 million against previous week’s figure of Rs75,207.575 million, showing a rise of Rs331.186 million.

Current week’s figure was larger by Rs30,496.455 million over last year’s corresponding figure of Rs45,042.306 million.