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Weekly Economic Roundup

May 14, 2022 (MLN): The economic roundup contains the recent economic developments and financial data releases over the course of the week to keep an eye on next week’s trend.

  • The Oil and Gas Regulatory Authority (OGRA) on Friday raised the distribution price of Regassified Liquefied Natural Gas (RLNG) by up to $6.87 per million metric British thermal units (mmbtu) for the month of May 2022.
  • Pakistan’s Large Scale Manufacturing Industries (LSMI) production grew by 26.6% YoY during March 2022 which was the highest YoY increase after May’21.
  • The weekly Sensitive Price Indicator (SPI) for the combined consumption group recorded an increase of 0.49% for the week ended on May 12, 2022, mainly due to a sharp increase observed in the prices of essential food items.
  • Workers’ remittances crossed the monthly mark of $3 billion for the first time. During April 2022, remittances increased by 11.20% MoM and 11.90% YoY as Pakistan received $2.81bn worth of remittances in the previous month and $2.79bn in April 2021.
  • The total liquid foreign exchange reserves held by the country decreased by $178 million or 1.1% WoW to stand at the lowest level of $16.376 billion since Dec 06, 2019, during the week ended on May 06, 2022, compared to $16.553 billion in the previous week.
  • Due to keeping the prices of petroleum products unchanged, the amount of price differential claims (PDC) stands around Rs56.9 billion in the fortnight of May.
  • Passenger car sales observed a decline of 18% MoM during April 2022, clocking in at 18,625 units as opposed to 22,799 units sold in March 2022.
  • The government has so far released funds amounting to over Rs7.761 billion to execute 26 ongoing and 07 new agriculture-related projects under its Public Sector Development Program (PSDP) for financial year 2021-22 in order to promote agriculture and livestock sectors in the country.
  • The Central Development Working Party (CDWP) Wednesday cleared four development projects worth Rs136.74 billion.
  • Pakistan selected a group of banks including JPMorgan Chase & Co. to manage US dollar-denominated bonds, its first since the new government led by Prime Minister Shehbaz Sharif took the helm after ousting Imran Khan.
  • The total sales of Oil and Marketing Companies (OMCs) witnessed an increase of 32% YoY to an almost 4-years high of 2.21 million tons during April 2022.
  • The government on Monday increased profit rates on almost all National Savings Schemes (NSSs) by up to 250 basis points, effective from May 10, 2022.
  • Foreign exchange inflows through Roshan Digital Account (RDA) have crossed $4bn and reached $4.2 billion by April 2022 since its launch in September 2020, showing the growing confidence of non-residents Pakistanis (NRPs).
  • Pakistan's merchandise trade deficit ballooned by 64.79% to stand at $39.36 billion during the first ten months of the current fiscal year, mainly due to an exponential growth in imports and comparatively slow growth in exports


Copyright Mettis Link News




Posted on: 2022-05-14T20:33:12+05:00


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