The cut off yield on 12 month T-bills rose to 9.01 per cent from 9.0 per cent. The cut off though marginal was seen the best in view of the prevailing interest rate scenario, dealers said
According to the Statement of Affairs of the State Bank of Pakistan, for the week ended July 2March 03, 2007, both notes in circulation and those issued increased in the week. Notes in circulation stood at Rs886,957.286 million against earlier week’s figure of Rs879,550.434 million, a rise of Rs7,406.852 million. When compared to the corresponding week a year ago when it was Rs797,533.415 million, the current week’s figure is higher by Rs89,323.871 million.
Total notes issued also increased in the current week over preceding week’s level. At Rs897,079.165 million it was larger by Rs7,323.609 million over the figure of Rs879,755.556 million recorded a week earlier. In the corresponding week last year it amounted to Rs797,712.294 million, which shows current week’s figure to be higher by Rs89,366.871 million over last year’s corresponding figure.
Approved foreign exchange decreased in the week to Rs556,479.234 million or by Rs3,433.877 million over preceding week’s figure of Rs559,913.111 million. When compared to the corresponding week a year ago, when the figure was Rs446,079.178 million, the current week’s figure is higher by Rs110,400.056 million.
Balances held outside Pakistan in approved foreign exchange decreased in the week under review. It stood at Rs145,913.594 million over preceding week’s figure of Rs138,012.965 million, a rise of Rs7,900.629 million. Compared to last year’s corresponding figure of Rs133,673.387 million, the current week’s figure is larger by Rs12,240.207 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 Rs59,183.528 million, similar to preceding week’s figure. The current week’s figure is smaller by Rs2,524.336 million over last year’s corresponding figure of Rs61,707.864 million.
There was an inflow of Rs41,880.805 million to the industrial sector during the week under review, a fall of Rs166.05 million against preceding week’s figure of Rs42,046.855 million. When compared to last year’s corresponding figure of Rs5,278.412 million, the current week’s figure is higher by Rs36,602.393 million.
The export sector received Rs132,780.278 million against previous week’s figure of Rs135,467.905 million, a fall of Rs2,.687.627 million. Current week’s figure was larger by Rs27,996.318 million over last year’s corresponding figure of Rs104,783.960 million.
According to the weekly statement of position of all scheduled banks for the week ended March 03, 2007, deposits and other accounts of the scheduled banks stood at Rs3,054.612 billion, higher by Rs20.291 billion over preceding week’s figure of Rs3,034.321 billion. Commercial banks deposits showed a rise of Rs20.236 billion over the week to Rs3,043.135 billion, against preceding week’s Rs3,022.899 billion, while of specialized banks it increased by Rs0.055 billion to Rs11.477 billion, over previous week’s Rs11.422 billion.
Borrowings by all scheduled banks decreased during the week over preceding week’s figure. It fell to Rs412.738 billion over preceding week’s figure of Rs425.687 billion, a fall of Rs12.949 billion. This was primarily due to decrease in the borrowings by commercial banks, which fell to Rs329.681 billion against previous week’s Rs342.930 billion, or by Rs13.249 billion, while borrowings by specialised banks stood at Rs83.057 billion against preceding week’s figure of Rs82.757 billion, a rise of Rs0.3 billion.
Gross advances stood at Rs2,364.024 billion in the week under review, an increase of Rs5.304 billion over preceding week’s figure of Rs2,358.720 billion. Advances by commercial banks increased to Rs2,268.067 billion against earlier week’s figure of Rs2,262.880 billion, or by Rs5.187 billion, while of specialized banks it stood at Rs95.958 billion against preceding week’s Rs95.840 billion, showing a rise of Rs0.0118 billion.
Investments of all scheduled banks increased in the week by Rs20.476 billion to Rs892.902 billion against preceding week’s figure of Rs872.426 billion. Commercial banks investment rose to Rs881.964 billion, from earlier week’s Rs861.756 billion, higher by Rs20.208 billion, while of specialized banks it stood at Rs10.938 billion against previous week’s Rs10.669 billion, lower by Rs0.269 billion.
Cash and balances with treasury banks of all scheduled banks decreased by Rs7.361 billion during the week to stand at Rs314.460 billion against earlier week’s Rs321.821 billion. The figure for commercial banks fell to Rs312.285 billion against preceding week’s figure of Rs319.544 billion, a fall of Rs7..259 billion. For specialized banks there was a fall of Rs0.101 billion to Rs2.175 billion, against earlier week’s figure of Rs2.276 billion.
Total assets of scheduled banks stood at Rs4,119.492 billion, higher by Rs12.123 billion, over preceding week’s figure of Rs4,107.369 billion. Meanwhile, commercial banks assets stood at Rs4,006.550 billion, larger by Rs11.779 billion over previous week’s figure of Rs3,994.771 billion. Specialized banks assets increased by Rs0.344 billion to Rs112.943 billion against previous week’s Rs112.599 billion.