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.

Copyright Mettis Link News

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

30221