Weekly Economic Roundup

December 19, 2021 (MLN): The weekly economic roundup summarizes the country's key economic and financial data for the week from various sectors to keep an eye on next week's trends.

  • After three weeks decline, the Sensitive Price Indicator (SPI) for the combined group witnessed an increase of 0.55% WoW for the week ended December 16, 2021.
  • Continuing its winning streak, Pakistan’s textile exports touched a historic high level of $1.74 billion during November 2021, depicting an upsurge of 35% YoY and 8.5% MoM.
  • The import bill of petroleum products reached $8.4 billion during five months of the fiscal year 2022, witnessing a twofold surge as compared to $4bn in the same period of FY21.
  • The trade value of food exports from the country in November’21 stood at around $514.7 million, registering a surge of 26.44% YoY and 25.58% MoM from $407.08mn in November’20 and 413.036mn in October’21, respectively.
  • Pakistan’s cotton production soared by 43.83% to 7.274 million bales up to December 15, 2021, as opposed to 5.057 million bales produced in the same period of last year.
  • The government extended the date for encashment, conversion and redemption of Rs40,000, Rs25,000, Rs15,000 and Rs7,500 prize bonds up to March 31, 2022
  • Foreign direct investment (FDI) in Pakistan stood at $135.6 million during November ’21, down by 39% MoM against the net inflow of $223mn recorded in Oct’21
  • The foreign exchange reserves held by the country dipped by $123 million to stand at $25.02 billion during the week ended on December 10, 2021.
  • The Large-Scale Manufacturing Industries (LSMI) output decreased by 1.19% in the month of October 2021 compared to October 2020.
  • The World Bank’s Board of Executive Directors approved $195 million in financing to support Pakistan in improving electricity distribution and implementing energy sector reforms to increase service quality for consumers
  • The Oil & Marketing Companies' (OMCs) margins have been increased by Rs0.71 per litre to Rs3.68. While, the dealer margins on petrol have been jacked up by Rs0.99 per litre to Rs4.90.
  • The total deposits held by commercial banks have shown a growth of 17% YoY to Rs19.7 trillion in Nov’21, compared to Rs16.84tr in the same month of last year on account of strong overseas inflows.
  • The price of petrol has been reduced by Rs5 per litre, to Rs140.82. Similarly, the price of high-speed diesel has been cut by Rs5 per litre, from Rs142.62 to 137.62 per litre.
  • Following the startup financing boom, Pakistan’s rapid delivery startup, Krave Mart has raised $6 million, the country’s largest early-stage funding.
  • The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held on December 14, 2021, in Karachi, decided to raise the policy rate by 100 basis points (bps) to 9.75 percent to counter inflationary pressures and ensure that growth remains sustainable.
  • Remittances by overseas Pakistanis during the month of November clocked in at $2.4 billion, which were 6.6% lower than the last month, while 0.6% higher when compared to the same month of last year.
  • The Asian Development Bank (ADB) approved a $200 million loan for the development of an irrigation system in Punjab province that would help increase agricultural productivity and enhance food security.
  • The State Bank of Pakistan (SBP) allowed Exchange Companies (ECs) and Exchange Companies of 'B' Category (ECs-B) to carry out foreign currency sale transactions by obtaining original online verisys NADRA identity card verification slip if the biometrics of individual would not be verified.

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Posted on: 2021-12-19T13:49:35+05:00

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