Weekly Economic Roundup

January 16, 2022 (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.

  • The government on Saturday has increased petrol and high-speed diesel (HSD) prices by Rs3 per litre to Rs147.83, and Rs144.62 respectively, according to a statement issued by the Finance Division.
  • Pakistan and China have launched air cargo service on the Kashgar-Islamabad route with the successful landing of Pakistan Faxon Airlines Air Cargo plane at Kashgar airport in the Xinjiang region of China.
  • The Real Effective Exchange Rate (REER) of Pakistan, increased to 98.5 in November 2021, a jump of 2% compared to 96.4 recorded in October 2021.
  • The weekly Sensitive Price Indicator (SPI) for the combined group witnessed a drop of 0.43% for the current week ended January 13, 2022.
  • Workers’ remittances rose to $15.8 billion during 1H of FY22 which was 11.3% higher compared to the same period last year.
  • Private sector credit offtake during Jul-Dec FY22 reached Rs1,013 billion against Rs344.17 billion in the same period last year, up by 2.9x YoY.
  • The National Electric Power Regulatory Authority (NEPRA) on Thursday raised electricity tariff by Rs4.3 per unit for consumers of Ex-Wapda Distribution Companies (XWDISCOs) under Fuel Charges Adjustment (FCA) for the month of November 2021.
  • After an economic expansion of 4.5 percent in 2021, Pakistan’s GDP growth is projected at 3.9 percent in 2022, driven by private consumption, record-high remittances and fiscal support,” the United Nations said in its flagship World Economic Situation and Prospects (WESP) report.
  • The National Assembly on Thursday passed the State Bank of Pakistan Act, 1996 [The State Bank of Pakistan] (Amendment) Bill 2021 after clause-by-clause reading with a majority vote, rejecting all the amendments tabled by the opposition parties.
  • The foreign exchange reserves held by the country dipped by $117 million or 0.5% WoW to stand at $23.9 billion during the week ended on January 7, 2021, compared to $23.9 billion in the previous week.
  • The government has so far released funds amounting to over Rs5.508 billion to execute 26 ongoing and 07 new agriculture-related projects under its Public Sector Development Program (PSDP) for the financial year 2021-22 in order to promote agriculture and livestock sectors in the country.
  • The Securities and Exchange Commission of Pakistan (SECP), to facilitate the insurance sector in complying with the applicable regulatory requirements, has issued a master circular, consolidating all existing applicable circulars, directives, and guidelines issued up to December 31, 2021.
  • The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs730 billion for 3, 6 and 12 months.
  • The sale of passenger cars witnessed an upsurge of 59.4% MoM during the month of December 2021, clocking in at 24,462 units as opposed to 15,351 units sold in November 2021 on the back of improvement in the supply chain.
  • Sazgar Engineering Works Limited (SAZEW) sold 579 units of Auto Rickshaw during the month of December 2021, which was around 33% lower than the sales of 865 units made in the previous month.
  • The CDWP approved eight projects worth Rs30.2 billion and recommended two projects worth Rs65.9bn to the Executive Committee of the National Economic Council (ECNEC) for further consideration.

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Posted on: 2022-01-16T12:56:51+05:00