March 20, 2022 (MLN): The financial highlights of the country are brought to light with the economic and financial data releases over the course of the week.

• Pakistan's current account deficit (CAD) fell sharply by 78% to $0.5 billion in February 2022 from $2.53bn in January 2021, largely due to a decline in imports by 18% MoM.
• Following the last four consecutive weekly jumps, the Sensitive Price Indicator (SPI) for the combined consumption group witnessed a decline of 1.37% for the week ended on March 17, 2022.
• Despite higher interest rate regulative curbs, automobile financing in Pakistan has increased by 1.3% MoM to Rs356.7 billion in February 2022.
• Large Scale Manufacturing Industries (LSMI) production grew by 7.6 percent during the first seven months of the current fiscal year (2021-22) as compared to the corresponding period of last year
• The total liquid foreign exchange reserves held by the country dropped by $385.3 million or 1.6% WoW to stand at $22.28 billion during the week ended on March 11, 2022, compared to $22.67bn in the previous week.
• Foreign direct investment (FDI) flows to Pakistan fell for the second consecutive month in February 2022 as it dropped by 17.5% MoM to $90.8 million against the inflows of $110mn recorded in January 2022.
• The total deposits held by scheduled banks have shown a growth of 15% YoY to around Rs20 trillion in the second month of the calendar year i.e., February 2022, against Rs17.25tr in the same month of last year on account of strong overseas inflows.
• Economic Coordination Committee (ECC) has approved a supplementary grant of Rs50 billion to the Power Division and Rs4.5 billion in favor of the Ministry of Commerce for Export Development Fund (EDF).
• The cut-off yields of Pakistan Investment Bonds (PIBs) were increased considerably by up to 115 basis points in the auction conducted by the State Bank of Pakistan (SBP).
• The import bill of oil was recorded at $1.24 billion during February 2022, depicting an upsurge of 54.73% YoY but down by 17.75% MoM, touching a historic high of $12.94bn, up by 2x YoY during the July-Feb FY22 amid 67% YoY jump in Arab Light prices along with 14% YoY volumetric growth.
•  Pakistan’s textile exports were recorded at $12.61bn during July- February FY2022, up by 26% YoY.
• The government has disbursed a sum of Rs47,587.63 million for various power division schemes under Annual Public Sector Development Programme (PSDP) for the Year 2021-22 so far.
• The Economic Coordination Committee (ECC) allowed the Ministry of Economic Affairs to sign 15 debt rescheduling agreements with various credit countries, finalized under the Debt Service Suspension Initiative (DSSI).
• Ministry of IT & Telecom (MOITT) through Universal Service Fund (USF) has launched seven more projects worth over Rs8 billion to provide broadband services to over 2.5 million people in unserved and underserved areas of the four provinces, including Rs3.5 billion for Baluchistan.
• To pass on the massive increase in global coal prices, Cement players in the North region have increased cement prices by Rs40-50 per bag for the third time in a row in the past 15 days, setting a new record of Rs840-850 per bag.
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