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5.2 ANALYSIS OF CAUSATIVE FACTORS FOR CHANGES IN MONETARY ASSETS
(Million Rupees)
1990-91 |
1991-92 |
1992-93 |
1993-94 |
1994-95 |
1995-96 |
1996-97 |
1997-98 |
1998-99 |
1999-2000 |
|
| 1. Public Sector | 27,438a |
68,991 |
75,003 |
28,266 |
53,086 |
68,527 |
80,932 |
56,772 |
-74,455 |
78,049 |
| (i) Budgetary support | 38,332 a |
62,573 |
65,699 |
23,145 |
36,418 |
51,726 |
72,457 |
48,018 |
-75,194gh |
39,963g |
| (ii) Commodity operations | -5,315 |
4,194 |
7,335 |
6,582 |
4,733 |
5,858 |
5,702 |
10,585 |
3,645 |
40,094 |
| (iii) Effect of Zakat fund etc. | -5,579 |
2,224 |
1,969 |
-1,461 |
-2,195 |
-1,057 |
-2,871 |
-3,126 |
-3,275 |
-1,823 |
| (iv) Use of Privatisation proceeds by Govt. / WAPDA | 14,130 |
12,000 |
10,304 |
1,223 |
0 |
0 |
||||
| (v) Use of Privatisation proceeds /NDRP fund for Debt retirement | -4,660 |
-1,089 |
0 |
0 |
||||||
| (vi) Payment to HBL on account of HC&EB | 287 |
0 |
0 |
|||||||
| (vii) Others | 824 e |
369 f |
-185 f |
|||||||
| 2. Non-Government Sector | 21,703 |
31,419 |
60,573 |
39,866 |
69,537 |
63,429 |
61,879 |
83,413 |
118,845 |
26,227 |
| (i) Autonomous Bodies | 593 |
1,287 |
3,933 |
-850 |
3,211 |
3,166 |
-242 |
-894 |
13,049 |
3,126 |
| (ii) Net Credit to Private Sector & PSCEs | 21,110 |
30,132 |
56,640 |
40,716 |
66,326 |
60,263 |
62,121 |
84,307 |
105,796 |
23,101 |
| (a) Private Sector | 25,096 |
30,249 |
58,284 |
42,768 |
63,731 |
57,329c |
59,907 d |
74,780 |
102,669 |
18,488 |
| (b) Public Sector Corporations other than 2 (i) | -3,986b |
-117 |
-1,644 |
-2,052 |
2,595 |
2,934 |
2,214 |
9,527 |
6,779 |
9,862 |
| (c) PSEs Special Account-Debt Repayment with SBP | -3,652 |
-5,249 |
||||||||
| 3. Counter - part Funds | 178 |
179 |
-395 |
158 |
-76 |
-152 |
-119 |
86 |
61 |
-22 |
| 4. Other Items (net) | 4,362 |
-4,643 |
-11,346 |
6,309 |
-28,168 |
21,136 c |
5,153 d |
26,761 |
245 h |
20,707 |
| 5. Domestic Credit Expansion (1 thr. 4) | 53,681 |
95,946 |
123,835 |
74,599 |
94,379 |
152,940 |
147,845 |
166,982 |
44,696 |
124,961 |
(14.75%) |
(22.58%) |
(23.77%) |
(11.57%) |
(13.12%) |
(18.80%) |
(15.29%) |
(14.98%) |
(3.49%) |
(9.42%) |
|
| 6. Foreign Assets (net) | 5,712 a |
8,979 |
-34,013 |
33,409 |
26,957 |
-38,998 |
-33,288 |
-13,897 |
29,529 |
-4,875 |
| 7. Monetary Expansion (5+6) | 59,393 |
104,925 |
89,822 |
108,008 |
121,336 |
113,942 |
114,557 |
153,085 |
74,225 |
120,086 |
(17.40%) |
(26.19%) |
(17.77%) |
(18.14%) |
(17.25%) |
(13.82%) |
(12.20%) |
(14.53%) |
(6.15%) |
(9.38%) |
Contd.
1999 |
2000 |
||||||||||||
Jul. |
Aug. |
Sep. |
Oct. |
Nov. |
Dec. |
Jan. |
Feb. |
Mar. |
Apr. |
May |
Jun.p |
||
| 1. Public Sector | 210 |
3,356 |
1,897 |
568 |
8,153 |
-12,661 |
-4,001 |
6,568 |
-801 |
15,569 |
54,318 |
4,873 |
|
| (i) Budgetary support (net) g | 650 |
4,923 |
5,309 |
2,686 |
9,055 |
-9,726 |
-758 |
9,429 |
2,497 |
12,038 |
17,643 |
-13,783 |
|
| (ii) Commodity operations | -548 |
-595 |
-3,109 |
-2,244 |
-718 |
-2,128 |
-2,231 |
-2,888 |
-3,426 |
3,664 |
3,6639 |
17,678 |
|
| (iii) Effect of Zakat fund etc. | 117 |
-182 |
-139 |
-157 |
-176 |
-1,056 |
-1,024 |
-102 |
190 |
-154 |
-25 |
885 |
|
| (iv) Use of Privatisation proceeds by Govt. / WAPDA | 0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
| (v) Use of Privatisation proceeds for Debt retirement | 0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
| (vi) Payment to HBL on account of HC&EB | 0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
| (viii) Others f | -9 |
-791 |
-163 |
283 |
-8 |
249 |
13 |
129 |
-63 |
21 |
61 |
93 |
|
| 2. | Non-Government Sector | -18,066 |
-11,315 |
5,516 |
8,338 |
3,712 |
33,173 |
6,712 |
-1,831 |
-1,375 |
-3,646 |
-13,789 |
18,798 |
| (i) Autonomous Bodies | -8,044 |
248 |
-1,588 |
-499 |
-31 |
2,283 |
126 |
-88 |
3,932 |
2,017 |
-849 |
13,483 |
|
| (ii) Net Credit to Private Sector & PSCEs | -10,022 |
-11,563 |
7,104 |
8,837 |
3,743 |
30,890 |
6,586 |
-1,743 |
2,557 |
-5,663 |
-12,940 |
5,315 |
|
| (a) Private Sector | -9,857 |
-8,243 |
3,154 |
9,601 |
4,747 |
28,113 |
6,852 |
-2,700 |
2,567 |
-7,001 |
-12,225 |
3,480 |
|
| (b) Public Sector Corporations other than 2 (i) | -931 |
-206 |
4,536 |
-623 |
-114 |
3,275 |
-59 |
1039 |
578 |
611 |
149 |
1,607 |
|
| (c) PSEs Special Account – Debt repayment with SBP | 766 |
-3,114 |
-586 |
-141 |
-890 |
-498 |
-207 |
-82 |
-588 |
727 |
-864 |
228 |
|
| 3. Counter-part Funds | -49 |
-3 |
61 |
-5 |
-5 |
-70 |
66 |
-4 |
67 |
-5 |
-6 |
-69 |
|
| 4. Other Items (net) | 7,395 |
388 |
-2,698 |
-3,188 |
-5,216 |
17,908 |
-8,348 |
-2,700 |
-2,484 |
-7,016 |
646 |
26,020 |
|
| 5. Domestic Credit Expansion (+) / Contraction (-) (1 thr. 4) | -10,510 |
-7,574 |
4,776 |
5,713 |
6,644 |
38,351 |
-5,572 |
2,033 |
-4,593 |
4,902 |
41,169 |
49,622 |
|
| 6. Foreign Assets (net) | -3,900 |
3,228 |
-907 |
-1,334 |
5,542 |
-3,585 |
3,814 |
4,187 |
4,174 |
-3,150 |
-408 |
-12,536 |
|
| 7. Monetary Expansion (+) / Contraction (-) (5+6) | -14,410 |
-4,346 |
3,869 |
4,379 |
12,186 |
34,766 |
-1,758 |
6,220 |
-419 |
1,752 |
40,761 |
37,086 |
|
a Adjusted for SAF loan amounting to Rs.7,371 million
b Includes impact of issue of bonds by Federal Government to banks amounting to
Rs.3.6 billion in settlement of loans given earlier by banks to public sector commercial
enterprises. Consequently , credit to government for budgetary support increased and that
to public sector commercial enterprises declined to the extent of bonds issued by the
Federal Government
c Adjusted for Rs.5,278 million being mark-up debited to borrowers account
d Adjusted for Rs.8,207 million being mark up debited to borrowers account
e Credit extended to NHA by commercial banks
f Credit extended to NHA & CAA by commercial banks
g Adjusted for funds placed in special debt repayment account
h Adjusted for Rs. 28.5 billion on account of Adhoc Treasury Bills created to
offset the govt. losses due to the unification of exchange rate
Note : Totals may not tally due to separate rounding off