The SBP picked up 4.81 billion for three-month and Rs240 million for 6-month T-bills at a cut-off yield of 8.1 per cent and 8.13 per cent per annum, respectively.
According to the Statement of Affairs of the State Bank of Pakistan, for the week ended July 2October 15, 2005, both notes in circulation and those issued increased in the week. Notes in circulation stood at Rs752,516.687 million against earlier week’s figure of Rs748,479.852 million, a rise of Rs4,036.835 million. When compared to the corresponding week a year ago when it was Rs666,481.539 million, the current week’s figure is higher by Rs86,035.148 million.
Total notes issued also rose in the current week over preceding week’s level. At Rs752,672.300 million it was higher by Rs4,035.911 million over the figure of Rs748,636.389 million recorded a week earlier. In the corresponding week last year it amounted to Rs666,624.567 million, which shows current week’s figure to be higher by Rs86,047.733 million over last year’s corresponding figure.
Approved foreign exchange declined in the week to Rs440,401.811 million or by Rs1,456.226 million over preceding week’s figure of Rs441,858.037 million. When compared to the corresponding week a year ago, when the figure was Rs501,082.601 million, the current week’s figure is higher by Rs60,680.79 million.
Balances held outside Pakistan in approved foreign exchange declined further in the week under review. It stood at Rs137,438.568 million over preceding week’s figure of Rs140,067.513 million, showing a fall of Rs2,628.945 million. Compared to last year’s corresponding figure of Rs115,600.822 million, the current week’s figure is smaller by Rs21,837.746 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 Rs60,224.062 million, similar to preceding week’s figure. The current week’s figure is larger by Rs1,818.781 million over last year’s corresponding figure of Rs58,405.281 million.
There was an inflow of Rs1,795.200 million to the industrial sector during the week under review, a rise of Rs136.127 million against preceding week’s figure of Rs1,659.073 million. When compared to last year’s corresponding figure of Rs2,188.830 million, the current week’s figure is lower by Rs393.63 million.
The export sector received Rs100,531.647 million against previous week’s figure of Rs99,529.126 million, a rise of Rs1,002.521 million. Current week’s figure was larger by Rs6,557.705 million over last year’s corresponding figure of Rs93,973.942 million.
According to the weekly statement of position of all scheduled banks for the week ended October 15, 2005, deposits and other accounts of the scheduled banks stood at Rs2,392.789 billion, having risen by Rs9.85 billion over preceding week’s figure of Rs2,382.939 billon. Commercial banks deposits showed a rise of Rs10.047 billion over the week to Rs2,379.892 billion against preceding week’s Rs2,369.845 billion, while of specialized banks it fell by Rs0.195 billion to Rs12.898 billion, over previous week’s Rs13.093 billion.
Borrowings by all scheduled banks declined during the week. It fell to Rs285.031 billion over preceding week’s figure of Rs298.280 billion, a fall of Rs13.249 billion. This was primarily due to substantial decline in the borrowings by commercial banks, which fell to Rs203.265 billion against previous week’s Rs218.523 billion, a fall of Rs15.258 billion, while borrowings by specialised banks rose by Rs2.01 billion to Rs81.767 billion against Rs79.757 billion a week earlier.
Gross advances stood at Rs1,833.761 billion in the week under review, a rise of Rs4.216 billion over preceding week’s figure of Rs1,829.545 billion. Advances by commercial banks rose to Rs1,723.414 billion against earlier week’s figure of Rs1,720.387 billion or by Rs3.027 billion.
Investments of all scheduled banks declined in the week by Rs1.386 billion to Rs722.219 billion against preceding week’s figure of Rs720.833 billion. Commercial banks investment level fell to Rs711.033 billion, from earlier week’s Rs709.541 billion or by Rs0.98 billion, while of specialized banks it stood at Rs11.186 billion against previous week’s Rs11.292 billion, a rise of Rs1.06 billion.