The State Bank of Pakistan on June 30, mopped up Rs22.8 billion from the inter-bank market in the last open market operation of FY04. The amount was siphoned off for one week through treasury bills repo at four per cent against the total bids of Rs23.2 billion.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended June 19, both notes in circulation and those issued declined in the week. Notes in circulation stood at Rs619,916.735 million against earlier week's figure of Rs624,550.501 million, a fall of Rs4,633.766 million. When compared to the corresponding week a year ago when it was Rs532,864.720 million, the current week's figure is higher by Rs87,052.015 million.

Total notes issued also recorded a fall in the current week over preceding week's level. At Rs620,125.494 million it was smaller by Rs4,606.942 million over the figure of Rs624,732.436 million recorded a week earlier.

In the corresponding week last year it amounted to Rs533,044.402 million, which shows current week's figure to be higher by Rs87,081.092 million over last year's corresponding figure.

Approved foreign exchange increased in the week, rising to Rs440,572.725 million or by Rs3,800.869 million over preceding week's figure of Rs436,771.856 million. When compared to the corresponding week a year ago, when the figure was Rs464,936.937 million, the current week's figure was lower by Rs24,364.212 million.

Balances held outside Pakistan in approved foreign exchange declined in the week under review. It stood at Rs190,385.506 million over preceding week's figure of Rs196,245.284 million, a fall of Rs5,859.778 million. Compared to last year's corresponding figure of Rs96,257.924 million, the current week's figure is substantially higher by Rs94,127.582 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 Rs56,255.539 million, against preceding week's figure of Rs56,055.539 million, an increase of Rs200 million. The current week's figure is larger by Rs1,986.081 million over last year's corresponding figure of Rs54,269.458 million.

There was an inflow of Rs2,339.037 million to the industrial sector during the week under review, against preceding week's figure of Rs2,356.668 million, a decline of Rs17.631 million.

When compared to last year's corresponding figure of Rs2,833.057 million, the current week's figure is lower by Rs494.02 million. The export sector received Rs86,742.189 million against previous week's figure of Rs86,406.375 million, a rise of Rs335.814 million.

Current week's figure was larger by Rs30,661.416 million over last year's corresponding figure of Rs56,080.773 million. According to the weekly statement of position of scheduled banks for the week ended June 19, 2004, the sum of demand and time liabilities increased further in the week under review.

The sum total stood at Rs2,059,436 million against preceding week's Rs2,054,550 million, a rise of Rs4,886 million. As compared to the total deposits of Rs1,719,191 million in the corresponding period last year, current week's deposits were higher by Rs340,245 million.

During the week under review, demand deposits stood at Rs1,029,752 million, a rise of Rs2,789 million over previous week's Rs1,026,942 million. It was higher against last year's corresponding figure of Rs802,774 million by Rs226,978 million.

Time deposits rose in the current week over preceding week's figure. At Rs1,029,684 million it was larger by Rs2,097 million over previous week's Rs1,027,587 million and by Rs113,267 million over last year's corresponding figure of Rs916,417 million.

Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities increased in the current week. At Rs157,154 million it was larger by Rs353 million over preceding week's Rs156,801 million. Compared to last year's corresponding figure of Rs135,655 million, the current week's figure is higher by Rs21,499 million.

Scheduled banks borrowings from banks abroad stood at Rs5,868 million in the current week, as against Rs5,393 million a week ago, a rise of Rs475 million. It was smaller by Rs12,265 million over last year's corresponding figure of Rs18,133 million.

Money at call and short notice in Pakistan increased in the week over previous week's figure. It stood at Rs30,227 million, a rise of Rs101 million over preceding week's Rs30,126 million.

When compared to last year's corresponding figure of Rs26,616 million, the current week's figure is lower by Rs3,611 million. Scheduled banks advances including bills purchased and discounted increased in the week under review.

At Rs1,313,049 million it was larger by Rs12,026 million over preceding week's Rs1,301,023 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs1,045,191 million, the current week's advances are higher by Rs267,858 million.

Scheduled banks investment in central government securities, Treasury bills and other approved securities increased in the current week when compared to preceding week's level. Such investments amounted to Rs781,877 million, a rise of Rs53,813 million over previous week's Rs728,064 million.