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Weekly Economic Roundup

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January 23, 2022 (MLN): The latest weekly roundup covers the latest economic and financial data releases over the past week to keep an eye on next week's trends. 

  • Pakistan posted the current account deficit (CAD) of $9.09 billion in the first half of the ongoing fiscal year as opposed to $1.25bn surplus recorded in the same period last year, reflecting the robust increase in imports.
  • Pakistan’s trade deficit in services widened by 2.3x YoY to $342 million during December 2021 from $145mn in the same month of the previous year
  • The Large-Scale Manufacturing Industries (LSMI) output increased negligibly by 1.9% in the month of November 2021 compared to October 2021.
  • The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) will meet on Monday, January 24, 2022, at 4:00 pm at SBP Karachi to decide about Monetary Policy.
  • Following the tax imposed in the recent Finance Amendment Bill, Honda Atlas Cars Pakistan Limited has raised the prices of cars by up to Rs126,000 on Friday.
  • The weekly Sensitive Price Indicator (SPI) for the combined group edged lower by 0.06% for the current week ended January 20, 2022.
  • The foreign exchange reserves held by the country dipped by $551.7 million or 2% WoW to stand at $23.35 billion during the week ended on January 14, 2022, compared to $23.9 billion in the previous week.
  • The banking sector spread for the month of December 2021 decreased by 11 basis points (bps) over the month which brings its latest value to 4.07% as compared to the prior month's spread of 4.18%.
  • Pakistan has been ranked second in the Economist normalcy index which tracks the global return to pre-pandemic life, showing great resilience against the COVID-19 pandemic.
  • The Real Effective Exchange Rate (REER) of Pakistan decreased to 96.7 in December 2021, a decline of 1.85% compared to 98.5 recorded in November 2021.
  • In a major step towards ease of doing business, the State Bank of Pakistan (SBP) has digitized the process of obtaining refinance from SBP by banks under the Export Finance Scheme (EFS) for both conventional and Shariah-compliant versions.
  • Pak Suzuki Motor Company (PSMC) has raised the prices of all its variants by up to Rs 150,000 on Wednesday.
  • The non-government sector has retired a net sum of Rs.252.49 billion during the week ended January 07, 2022, which brings the cumulative net borrowing for the ongoing fiscal year FY2022 to Rs.841.25 billion. The net borrowing as of the prior week was recorded at Rs.1093.74 billion.
  • The government of Pakistan has retired Rs201.3 billion during the week ended January 07, 2022, which brings its total net borrowing for the ongoing fiscal year 2022 to Rs30.78 billion. As of the prior week, the government had borrowed a net sum of Rs.232.08 billion.
  • Foreign direct investment (FDI) in Pakistan stood at $218.7 million during December’21, went up by 61% MoM against the net inflow of $135.7mn recorded in Nov’21.
  • Amid higher consumer demand, auto-financing surged to Rs354billion by the end of December 2021, an increase of 38% YoY, as it was Rs262bn in Dec 2020, Central bank data showed.
  • Fitch Ratings assigned Pakistan's proposed US-dollar sovereign global Sukuk certificates, which will be issued through The Pakistan Global Sukuk Programme Company Limited, a 'B-' rating.
  • The International Monetary Fund (IMF) board will meet on January 28, 2022, to revive Pakistan’s $6bn bailout package.
  • The import of medicinal products went up by a whopping 9.7x YoY and 41.6% MoM to $975.7mn during the month of December 2021, mainly due to an increase in Covid-19 vaccine imports.
  • Pakistan’s textile exports were recorded at $1.62 billion during December 2021, depicting an upsurge of 16% YoY but down by 6.5% MoM, touching a historic high of $9.38bn, up by 26.05% YoY during the first half of the current fiscal year i.e., July-Dec FY22.
  • The Central Directorate of National Savings (CDNS) obtained Rs500 billion fresh deposits in half-yearly of the current fiscal year 2021-22 from July 1 to January 14.

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Posted on: 2022-01-23T14:54:23+05:00