On April 30, the State Bank of Pakistan sold Rs8.5 billion of Treasury Bills under a three-day repo contract at 8.8 per cent.

According to the Statement of Affairs of the State Bank of Pakistan, for the week ended April 19, 2008, both notes in circulation and those issued decreased in the week. Notes in circulation stood at Rs1,052.543 billion against earlier week’s figure of Rs1,060.756 billion, a fall of Rs8.213 billion. When compared to the corresponding week a year ago when it was Rs890.260 billion, the current week’s figure is higher by Rs160.283 billion.

Total notes issued also declined in the current week over preceding week’s level. At Rs1,052.724 billion it was smaller by Rs8.208 billion over the figure of Rs1,060.932 billion recorded a week earlier. In the corresponding week last year it amounted to Rs890.364 billion, which shows current week’s figure to be higher by Rs162.36 billion over last year’s corresponding figure.

Approved foreign exchange decreased in the week to Rs534.229 billion or by Rs13.921 billion over preceding week’s figure of Rs548.150 billion. When compared to the corresponding week a year ago, when the figure was Rs593.389 billion, the current week’s figure is lower by Rs59.16 billion.

Balances held outside Pakistan in approved foreign exchange decreased in the week under review. It stood at Rs143.225 billion over preceding week’s figure of Rs147.912 billion, a fall of Rs4.687 billion. Compared to last year’s corresponding figure of Rs131.523 billion, the current week’s figure is larger by Rs11.702 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 Rs39.717 billion to the industrial sector during the week under review, a fall of Rs0.143 billion against preceding week’s figure of Rs39.860 billion. When compared to last year’s corresponding figure of Rs41.702 billion, the current week’s figure is smaller by Rs1.985 billion.

The export sector received Rs97.977 billion against previous week’s figure of Rs97.294 billion, higher by Rs0.683 billion. Current week’s figure was smaller by Rs39.867 billion over last year’s corresponding figure of Rs137.844 billion.

According to the weekly statement of position of all scheduled banks for the week ended April 19, 2008, deposits and other accounts of the scheduled banks stood at Rs3,627.422 billion, smaller by Rs12.948 billion over preceding week’s figure of Rs3,640.370 billion. Commercial banks deposits showed a decline of Rs12.681 billion over the week to Rs3,615.009 billion, against preceding week’s Rs3,627.690 billion. Specialised banks deposits stood at Rs12.413 billion, against preceding week’s Rs12.680 billion, a fall of Rs0.267 billion.

Borrowings by all scheduled banks decreased during the week over preceding week’s figure. It fell to Rs425.979 billion over preceding week’s figure of Rs428.161 billion, a fall of Rs2.182 billion. This was primarily due to a fall in the borrowings by commercial banks, which fell to Rs344.809 billion against previous week’s Rs346.807 billion, or by Rs1.998 billion. Borrowings by specialised banks stood at Rs81.170 billion, against preceding week’s figure of Rs81.355 billion.

Gross advances stood at Rs2,851.251 billion in the week under review, a rise of Rs15.698 billion over preceding week’s figure of Rs2,835.553 billion. Advances by commercial banks rose to Rs2,755.232 billion against earlier week’s figure of Rs2,739.786 billion, or by Rs15.446 billion. Advances of specialised banks stood at Rs96.018 billion, larger by Rs0.25 billion over earlier week’s figure of Rs95.468 billion.

Investments of all scheduled banks increased in the week by Rs0.051 billion to Rs1,111.261 billion against preceding week’s figure of Rs1,111.210 billion. Commercial banks investment rose to Rs1,097.011 billion, from earlier week’s Rs1,096.270 billion, or by Rs0.741 billion. Specialised banks investment stood at Rs14.250 billion, against preceding week’s Rs14.940 billion, larger by Rs0.69 billion.

Cash and balances with treasury banks of all scheduled banks decreased by Rs3.338 billion during the week to stand at Rs352.384 billion against earlier week’s Rs355.722 billion. The figure for commercial banks stood at Rs349.660 billion against preceding week’s figure of Rs353.032 billion, a fall of Rs0.372 billion, while of specialised banks it stood at Rs2.723 billion over previous week’s Rs2.690 billion.

Total assets of scheduled banks stood at Rs4,910.245 billion, smaller by Rs6.846 billion, over preceding week’s figure of Rs4,917.091 billion. Meanwhile, commercial banks assets stood at Rs4,792.818 billion, smaller by Rs6.191 billion over previous week’s figure of Rs4,799.009 billion. Specialised banks assets fell to Rs117.427 billion, or by Rs0.655 billion over previous week’s Rs118.082 billion.