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Weekly Economic Roundup

May 29, 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 weekly Sensitive Price Indicator (SPI) for the combined consumption group recorded a dip of 0.26% for the week ended on May 26, 2022, mainly due to the decline observed in the prices of essential food items.
  • National Electric Power Regulatory Authority (NEPRA) on Friday approved an Rs4.8269 per unit increase in tariff of K-Electric for March under the monthly fuel adjustment mechanism (FCA).
  • The country’s overall nutrients offtake surged by 34.5% to 322,000 tonnes during April 2022 from 240,000 tonnes in the same month last year.
  • The total liquid foreign exchange reserves held by the country dropped by $11 million or 0.1% WoW to stand at the lowest level of $16.1 billion since Dec 06, 2019, during the week ended on May 20, 2022, compared to $16.16bn in the previous week.
  • The federal government on Thursday has decided to increase petroleum product prices by Rs30 per litre to meet IMF demand.
  • The government raised Rs89.4 billion through the auction of three- and five-year PIBs while the target was Rs100bn.
  • The Central Directorate of National Savings (CDNS) on Wednesday achieved the target of issuing Rs990 billion in fresh bonds in the last 10 months of the current fiscal year 2021-22 from July 1st to May 24th.
  • Saudi Arabia is finalizing the extension of the kingdom's $3 billion deposit to Pakistan, Saudi Minister of Finance Mohammed al-Jadaan told Reuters.
  • The State Bank of Pakistan (SBP) on Tuesday revised prudential regulations for consumer financing, reducing the financing period for auto financing to trim rapid loan growth in the auto sector.
  • The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) decided to raise the policy rate by 150 basis points (bps) to 13.75 percent. 
  • In line with the increase in policy rate announced in the MPC meeting, SBP moved up the markup rate for financing under Export Finance Scheme (EFS) and Long Term Financing Facility (LTFF) by 2%.
  • Pakistan has incurred foreign loans of $13.03 billion in the first ten months of the ongoing fiscal i.e., July- April FY22 from multiple financing sources against the annual budget estimates of $14.09bn for the entire fiscal year FY22.
  • The import bill of the petroleum group for the month of April 2022 ballooned by 96% YoY to stand at $1.8 billion while on monthly basis, the import bill of the same group moved up by 9% MoM, compared to $918.27 million in April 2021 and $1.65bn in March 2022, respectively, data issued by the State Bank of Pakistan showed.
  • The country’s total textile exports have posted a growth of around 29% YoY to $15 billion in 10MFY22 as compared to $11.7bn in the corresponding period of FY21.
  • Amongst the top trading partners, China remains the top source of imports for Pakistan during April 2022 followed by the United Arab Emirates, Saudi Arabia, Qatar and Singapore.

Copyright Mettis Link News

Posted on: 2022-05-29T12:15:04+05:00

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