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Weekly Economic Roundup

November 24, 2019 (MLN): The financial picture of the country in full details was highlighted with the economic and financial data releases over the course of the week.

  • The Monetary Policy Committee of State Bank of Pakistan has decided to maintain the status quo by keeping the Policy Rate unchanged at 13.25%.
  • The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 1.09% during the week ended Nov 14, 2019 while the SPI increased by 19.62% compared to the corresponding period from last year.
  • The overall output of Large Scale Manufacturing Industries (LSMI) decreased by 5.91% during the quarter of July-Sep, FY2020, as compared to the same period of the previous year.
  • Pakistan's outstanding debts as of October 31, 2019 stand at Rs.20.57 trillion whereas total debt at the end of the prior month was Rs.20.36 trillion, meaning that around Rs.210.64 billion were additionally borrowed during this month alone.
  • Foreign Investors interest in local equity markets tumbled during the week ended November 15, 2019, as the net purchase of securities via Specially Convertible Rupee Account (SCRA) came down by Rs. 17.18 billion to Rs. 18.76 billion.
  • Asian Infrastructure Investment Bank (AIIB) will finance $511.81 million for four projects for the infrastructural development in Pakistan, mainly related to roads, energy, sanitation, and mass transit.
  • The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs.256.03 billion for 3, 6 and 12 months.
  • Pakistan's Forex Reserves decreased by USD 40.10 Million or 0.26% and the total liquid foreign reserves held by the country stood at USD 15,462.30 Million on Nov 15, 2019.
  • Pakistan’s current account balance in October turned positive as the country posted a surplus of USD 99 million against a deficit of USD 1.28 billion in October 2018.
  • Pakistan’s export earnings as per balance of payment (BOP) has witnessed an upsurge of 3% YoY to $8.22 billion during Jul-Oct FY20 as compared to the same period of last fiscal year as per the latest data released by State Bank of Pakistan.
  • Imports into Pakistan during October 2019 amounted to Rs. 635,282 million (provisional) as against Rs. 591,111 million (provisional) in September 2019 and Rs. 626,031 million during October 2018, showing an increase of 7.47% over September 2019 and of 1.48% over October 2018.
  • The total exports from Pakistan during the month of October 2019 amounted to Rs. 315,698 million (provisional) as against Rs. 276,276 million (provisional) in September 2019 and Rs. 247,217 million during October 2018 showing an increase of 14.27% over September 2019 and of 27.70% over October 2018.
  • China continued its legacy of being the largest import avenue for Pakistan, for the latter imported around $848.1 million worth of goods from it. This brought the total import bill for the first four months at $3.14 billion, i.e. down by merely 9% as compared to same period of last year.
  • As per the data released by State Bank of Pakistan (SBP), among the top trading partners, the United States of America (USA) remained the top export destinations of the Pakistani products during the Jul-Oct FY20 as its share of imports in Pakistan's overall exports increased by 4.34% YoY to $1.4 billion.
  • According to the latest data issued by Pakistan Bureau of Statistics on export receipts by commodities, the textile products remained the major exportable goods for Pakistan as it accounted 61% of the total exports during Jul-Oct 2019.
  • According to the latest data issued by Pakistan Bureau of Statistics on export receipts by commodities, the food group contributed 18% of the total exports during the Jul-Oct 2019. The exports of food products grew by 16.21%YoY to $1.36 billion when compared to the same period of last year.
  • The import of Petroleum products during the month of October 2019 amounted to approximately $1.01 billion, as compared to $1.14 billion in the previous month and 1.39 billion in the same period of last year, showing a decline of 12.1% and 27.4% in the respective periods.
  • The transport group imports during the month of October 2019 amounted to $108.3 million, i.e. around 50.25% less as compared to the imports of the previous month and 56.13% less as compared to the same month of last year.
  • The non-performing loans (NPLs) of the banking sector dropped marginally by 1.28% QoQ to Rs758 billion during 1QFY20 versus Rs768 billion in the last quarter of FY19. The Net NPL to Net loans of the banking sector also moved down to 1.85% in 1QFY20, from 2.05% of 4QFY19, indicating the lower-risk investment for investors.
  • Pakistan’s trade deficit in services dropped by 42.6% in October 2019 as compared to the same period of last year, and by 8.2% as compared to the previous month.
  • Among the country’s major economic sectors, the power sector has received the highest net FDI worth $30.3 million in October 2019. During Jul-Oct FY20, it received $31.2 million whereas it showed the outflow of $407 in the corresponding period of FY19.
  • The total Foreign Investment in Pakistan during the month of October 2019 totalled $215.8 million, which signifies a decline of 65.3% as compared to the previous month. On a year-on-year basis, this amount is laud-worthy as there was an outflow of $451.7 million during October 2018.
  • With the revival of Foreign Direct Investment (FDI) in Pakistan, China emerged as the biggest investor in October, as its net FDI inflows into the country stood at US$ 18.9 million, according to the latest data published by State Bank of Pakistan (SBP).
  • National Electric Power Regulatory Authority (NEPRA) reserved judgment into 17 paisa per unit hike in power tariff under quarterly adjustment for July to September 2019 on account of variation in power purchase price.

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Posted on: 2019-11-24T12:28:00+05:00

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