The State Bank of Pakistan sold Rs100 million worth of 6-month T-bills and Rs416.86 million of 12-month paper. It had received total bids worth Rs21.21 billion.

The cut-off yield on both 6-month T-bills and 12-month paper remained unchanged at 9.8686 per cent and 10.1357 per cent respectively from the last auction held on April 9.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended April 12, 2008, both notes in circulation and those issued increased in the week. Notes in circulation stood at Rs1,060.756 billion against earlier week’s figure of Rs1,052.408 billion, a rise of Rs8.348 billion. When compared to the corresponding week a year ago when it was Rs900.537 billion, the current week’s figure is higher by Rs160.219 billion.

Total notes issued also increased in the current week over preceding week’s level. At Rs1,060.932 billion it was larger by Rs8.394 billion over the figure of Rs1,052.538 billion recorded a week earlier. In the corresponding week last year it amounted to Rs900.667 billion, which shows current week’s figure to be higher by Rs160.265 billion over last year’s corresponding figure.

Approved foreign exchange decreased in the week to Rs548.150 billion or by Rs6.198 billion over preceding week’s figure of Rs554.348 billion. When compared to the corresponding week a year ago, when the figure was Rs590.770 billion, the current week’s figure is lower by Rs42.62 billion.

Balances held outside Pakistan in approved foreign exchange increased in the week under review. It stood at Rs147.912 billion over preceding week’s figure of Rs146.584 billion, a rise of Rs1.328 billion. Compared to last year’s corresponding figure of Rs133.376 billion, the current week’s figure is larger by Rs14.536 billion.

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 Rs49.777 billion, similar to preceding week’s figure. The current week’s figure is smaller by Rs10.406 billion over last year’s corresponding figure of Rs60.183 billion.

There was an inflow of Rs39.860 billion to the industrial sector during the week under review, a rise of Rs0.073 billion against preceding week’s figure of Rs39.787 billion. When compared to last year’s corresponding figure of Rs41.701 billion, the current week’s figure is smaller by Rs1.841 billion.

The export sector received Rs97.294 billion against previous week’s figure of Rs96.534 billion, higher by Rs0.76 billion. Current week’s figure was smaller by Rs39.183 billion over last year’s corresponding figure of Rs136.477 billion.

According to the weekly statement of position of all scheduled banks for the week ended April 12, 2008, deposits and other accounts of the scheduled banks stood at Rs3,640.370 billion, larger by Rs6.685 billion over preceding week’s figure of Rs3,633.685 billion. Commercial banks deposits showed an increase of Rs6.828 billion over the week to Rs3,627.690 billion, against preceding week’s Rs3,620.862 billion. Specialised banks deposits stood at Rs12.680 billion, against preceding week’s Rs12.822 billion, a fall of Rs0.142 billion.

Borrowings by all scheduled banks decreased during the week over preceding week’s figure. It fell to Rs428.161 billion over preceding week’s figure of Rs432.627 billion, a fall of Rs4.466 billion. This was primarily due to a fall in the borrowings by commercial banks, which fell to Rs346.807 billion against previous week’s Rs351.613 billion, or by Rs4.806 billion. Borrowings by specialised banks stood at Rs81.355 billion, against preceding week’s figure of Rs81.015 billion.

Gross advances stood at Rs2,835.553 billion in the week under review, a rise of Rs20.186 billion over preceding week’s figure of Rs2,815.367 billion. Advances by commercial banks rose to Rs2,739.786 billion against earlier week’s figure of Rs2,719.809 billion, or by Rs19.977 billion. Advances of specialised banks stood at Rs95.768 billion, larger by Rs0.21 billion over earlier week’s figure of Rs95.558 billion.