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Weekly Economic Roundup

February 6, 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. 

  • The State Bank of Pakistan has received $1.053 billion from the International Monetary Fund after the successful completion of the 6th review of the Extended Fund Facility (EFF) programme for Pakistan.
  • Foreign investors sold Rs12.78 million worth of securities during the week ended January 28, 2022, whereas last week, the accounts observed a net purchase of Rs709.63 million.
  • After three weeks decline, the Sensitive Price Indicator (SPI) for the combined group witnessed an increase of 1.35% WoW for the week ended February 03, 2022.
  • Moody’s Investor Service, in its latest report issued today, projected the current-account deficit will widen to 3.0%-3.5% of GDP in the fiscal year 2022 (ending June 2022).
  • The government on Thursday has revised the profit rates on National Savings Schemes certificates with effect from February 4, 2022. As per the notice, the profit rates have been cut by 72 basis points (bps) to 12.24% per annum on behbood and pension certificates while the rate on defence saving certificates declined from 11.12% to 10.4%.
  • The United States of America (USA) remained the top destination of Pakistan’s exports in January 2022 with $570 million worth of shipments against the exports of $456mn recorded in the same period last year, up by 25% YoY.
  • Exchange companies will be provided an incentive of PKR1 for each USD of home remittances surrendered in the interbank market provided that the exchange companies surrender 100% of the foreign exchange received as inward home remittances.
  • Cement despatches declined by16.58 percent in January 2022. Total Cement despatches during January 2022 were 3.95 million tons against 4.73 million tons despatched during the same month of last fiscal year.
  • Pakistan's merchandise trade deficit for the month of January 2022 clocked in at $3.36billion compared to a deficit of $4.8bn in the previous month, depicting a decline of 30.2% YoY as imports declined by 22% MoM.
  • The foreign exchange reserves held by the country dipped by $395.5 million or 1.75% WoW to stand at $22.08 billion during the week ended on January 28, 2022, compared to $22.48bn in the previous week.
  • The Central Directorate of National Savings (CDNS) on Wednesday obtained Rs560 billion fresh deposits in the last seven months of the current fiscal year 2021-22.
  • Maintaining the robust momentum, the total sales of Oil and Marketing Companies (OMCs) registered a growth of 19% YoY to clock in at 1.8 million tons (MTs) during January 2022, compared to 1.5MTs in January 2021.
  • The government of Pakistan has successfully raised $1 billion through the issuance of International Sukuk. The transaction generated great interest as leading global investors from Asia, the Middle East, Europe and the US participated in the order book.
  • The total money supply circulating within the economy during the sixth month of FY22 has been recorded at around Rs28.27trillion, according to provisional accounts on Monetary Aggregates for the month.
  • Pakistan's yearly inflation rate (new base 2015-16) in January 2022 was 13 percent compared to 12.3 percent in December 2021 and 5.7 percent in January 2021.
  • Oil and Gas Regulatory Authority (OGRA) on Monday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of February, increasing the commodity price by Rs119.12 per 11.8-kilogram cylinder.
  • Despite rising petroleum prices globally, the government on Monday kept petroleum product prices unchanged, rejecting OGRA’s proposal to increase POL prices by up to Rs. 16.79/Litre.
  • Federal Board of Revenue (FBR) has collected net revenue of Rs 3,352 billion during  July- January FY2022.

Copyright Mettis Link News

Posted on: 2022-02-06T12:35:37+05:00

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