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Weekly Economic Roundup

March 06, 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 remained on the grey list of the Financial Action Task Force (FATF) despite the fact that Pakistan had fulfilled the anti-money laundering watchdog's maximum technical requirements.
  • The Monetary Policy Committee of SBP will meet on Tuesday, March 08, 2022, at SBP Karachi to decide about Monetary Policy.
  • The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on March 03, for the combined consumption group, witnessed a slight increase of 0.04 percent as compared to the previous week.
  • To absorb the impact of Rupee depreciation and rise in international coal prices, Cement manufacturers in the North region have increased cement prices by Rs10-15/bag, effective from March 04, 2022.
  • The total liquid foreign exchange reserves held by the country dropped by $350.9 million or 1.51% WoW to stand at $22.87 billion during the week ended on February 25, 2022, compared to $23.22bn in the previous week.
  • The Economic Affairs Division, Government of Pakistan and the Saudi Fund for Development (SFD) signed two Debt Service Suspension Agreements amounting to $846 million under the G-20 Debt Service Suspension Initiative (DSSI) Framework.
  • Cement despatches declined by 4.75 percent in February 2022. Total Cement despatches during February 2022 were 4.36 million tons against 4.57 million tons despatched during the same month of last fiscal year.
  • Textile exports for the month of February 2022 have increased by 37% YoY to $1.686 billion as compared to $1.234bn in February 2021.
  • Pakistan's merchandise trade deficit for the month of February 2022 clocked in at $3.1 billion compared to a deficit of $3.4bn in the previous month, depicting a decline of 9.7% MoM as imports declined by 2.3% MoM.
  • Pakistan’s exports in Feb 2022 have increased by 36% to $2.808 billion as compared to $2.068 billion in Feb 2021, announced Abdul Razak Dawood on Twitter.
  • The total sales of Oil and Marketing Companies (OMCs) registered a growth of 10% YoY to clock in at 1.53 million tons (MTs) during February 2022.
  • The Central Directorate of National Savings (CDNS) on Tuesday obtained Rs720 billion fresh deposits in the last seven months of the current fiscal year 2021-22 from July 1st to February 28th.
  • E-banking—defined as transactions conducted via electronic channels continued to thrive in both volume and value during 1QFY22 as it grew by 12% and 16% respectively in Q1-FY22 over the same quarter of FY21.
  • Pakistan's yearly inflation rate (new base 2015-16) in February 2022 was 12.24 percent compared to 13 percent in January 2022 and 8.7 percent in February 2021.
  • Fitch Ratings, in its latest report issued yesterday, has affirmed Pakistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a Stable Outlook.
  • The total money supply circulating within the economy during the seventh month of FY22 has been recorded at around Rs28.12 trillion, according to provisional accounts on Monetary Aggregates for the month.
  • Prime Minister Imran Khan, in a big initiative to protect the masses from the impact of global inflationary trends, on Monday unveiled a major relief package, including Rs 10 per litre reduction in petroleum prices, Rs 5 per unit cut in electricity tariff and some other measures.
  • The government on Monday announced a cut in petrol prices despite the limited fiscal space and a steep rise in the global oil market amid the Ukraine-Russia war. 
  • The oil and Gas Regulatory Authority (OGRA) on Monday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of March, increasing the commodity price by Rs318.74 per 11.8-kilogram cylinder.
  • Building further on its ongoing momentum for revenue collection, the Federal Board of Revenue (FBR) has not only achieved its assigned target of Rs441 billion fixed for February 2022 but also exceeded the same by Rs2 billion as it has collected Rs443 billion.
  • The government of Pakistan is seeking the services of five financial advisors by March 30, 2022, for the issuance of multiple bonds.

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Posted on: 2022-03-06T19:31:58+05:00

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