According to the Statement of Affairs of the State Bank of Pakistan, for the week ended February 15, 2003, both notes in circulation and those issued continued to show an increase in the week under review.

Notes in circulation stood at Rs542,385.903 million against earlier week’s figure of Rs531,994.707 million, showing a rise of Rs19,391.196 million. When compared to the corresponding week a year ago when it was Rs462,208.321 million, the current week’s figure is higher by Rs80,177.582 million.

Total notes issued also recorded a rise in the current week. At Rs542,575.075 million it was higher by Rs10,396.255 million over the figure of Rs532,178.820 million recorded a week earlier. In the corresponding week last year it amounted to Rs462,369.058 million, which shows current week’s figure to be higher by Rs80,206.017 million over last year’s figure.

Approved foreign exchange rose further in the week to Rs465,879.018 million, larger by Rs11,549.674 million over preceding week’s figure of Rs454,329.344 million recorded a week earlier. When compared to the corresponding week a year ago, when the figure was Rs150,312.559 million, the current week’s figure was higher by Rs315,566.459 million.

Balances held outside Pakistan in approved foreign exchange declined further in the week under review. It stood at Rs38,672.117 million over preceding week’s figure of Rs48,669.147 million, showing a decrease of Rs9,997.03 million. Compared to last year’s corresponding figure of Rs73,026.349 million, the current week’s figure is also lower by Rs34,354.232 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 Rs55,056.769 million similar to preceding week’s figure. The current week’s figure is lower by Rs286.328 million over last year’s corresponding figure of Rs54,770.441 million.

There was an inflow of Rs2,977.362 million to the industrial sector during the week under review, depicting a decline of Rs12.68 million over previous week’s Rs2,978.630 million. When compared to last year’s corresponding figure of Rs3,683.518 million, the current week’s figure is lower by Rs706.156 million.

The export sector received Rs45,323.021 million against previous week’s figure of Rs45,650.510 million, showing a fall of Rs327.489 million. Current week’s figure was larger by Rs5,629.011 million over last year’s corresponding figure of Rs50,952.032 million.

According to the weekly statement of position of scheduled banks for the week ended February 15, 2003, the sum of demand and time liabilities showed an increase in the week under review. The sum total stood at Rs1,610,294 million against preceding week’s Rs1,609,573 million, showing a rise of Rs721 million. As compared to the total deposits of Rs1,383,345,276 million in the corresponding period last year, current week’s deposits were higher by Rs226,949 million.

During the week under review demand deposits increased, while time deposits fell. Demand deposits rose to Rs735,320 million, or by Rs1,583 million over previous week’s Rs733,737 million. It was also, higher against last year’s corresponding figure of Rs612,979 million by Rs122,341 million.

In the current week, time deposits were lower over preceding week’s figure but higher against the corresponding week last year. At Rs874,974 million, it was smaller by Rs862 million over previous week’s Rs875,836 million, by higher Rs104,608 million, over last year’s corresponding figure of Rs770,366 million.

Scheduled banks borrowings from the State Bank of Pakistan against promissory notes and other approved securities declined further in the current week. At Rs135,007 million it was smaller by Rs1,464 million over preceding week’s Rs136,471 million. Compared to last year’s corresponding figure of Rs121,956 million, the current week’s figure is higher by Rs13,051 million. Scheduled banks borrowings from banks abroad stood at Rs14,484 million in the current week, as against Rs14,182 million a week ago, showing a rise of Rs302 million. It was larger by Rs44 million over last year’s corresponding figure of Rs14,440 million.

Money at call and short notice in Pakistan declined further in the week under review. It stood at Rs26,550 million, a fall of Rs7 million over preceding week’s Rs26,557 million. When compared to last year’s corresponding figure of Rs50,491 million, the current figure is lower by Rs23,941 million.

Scheduled banks advances including bills purchased and discounted, declined in the week under review. At Rs995,676 million it was smaller by Rs4,181 million over preceding week’s Rs999,857 million. Compared to the corresponding figure a year ago, when advances were to the tune of Rs986,469 million, the current week’s advances are higher by Rs9,207 million.

Scheduled banks investment in central government securities, Treasury bills and other approved securities, declined further in the week under review. Such investments amounted to Rs643,330 million, a fall of Rs3,256 million over previous week’s Rs646,585 million. Compared to last year’s corresponding figure of Rs351,137 million, the current week’s investment is higher by Rs292,193 million.