Weekly Economic Roundup

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MG News | June 05, 2022 at 04:02 PM GMT+05:00

June 5, 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.

  • Following the price hike announcement by Atlas Honda and Pak Suzuki Motor Company (PSMC), Yamaha Motor Pakistan (Private) Limited has notified a massive increase in Bike prices, effective from today i.e., June 03, 2022.
  • The weekly Sensitive Price Indicator (SPI) for the combined consumption group recorded an increase of 2% for the week ended on June 02, 2022 which was the highest weekly increase since February 25, 2021.
  • Central Directorate of National Savings (CDNS) on Friday attained the target of issuing Rs1000 billion fresh bonds in the last 11 months of the current fiscal year 2021-22 from July 1st to May 31st,2022.
  • Moody's Investors Service (Moody's) on Thursday downgraded Pakistan’s outlook to negative from stable.
  • The total liquid foreign exchange reserves held by the country declined by $378 million or 2.3% WoW to stand at the lowest level of $15.77 billion, the lowest since November 22, 2019, during the week ended on May 26, 2022, compared to $16.14bn in the previous week.
  • Federal Ministry of Information Technology and Telecommunications (MoITT) has launched three more projects worth Rs5 billion for 6 districts of Sindh.
  • National Electric Power Regulatory Authority (NEPRA) on Thursday increased the power tariff by Rs7.9078/kWh to Rs24.82/kWh for FY23.
  • The federal government on Thursday increased the price of petrol and diesel by Rs30 per litre to Rs209.86 per litre.
  • Pakistan's merchandise trade deficit for the month of May 2022 clocked in at $4 billion compared to a deficit of $3.78bn in the preceding month, depicting a growth of 7% MoM.
  • Moody's Investors Service has revised Pakistan Water and Power Development Authority's (WAPDA) outlook to negative from stable.
  • The incumbent government, during its first two months, has reduced the price of Liquefied Petroleum Gas (LPG) by Rs335 per 11.8-kilogram cylinder aimed at extending all possible relief to the common man amid the increased global-inflation scenario.
  • Amid the higher policy rate and the recent increase in cut-off yields of T-Bills, the Central Directorate of National Savings (CDNS) on Thursday increased profit rates on almost all national savings schemes.
  • Pakistan's yearly inflation rate (New Base 2015-16) in May 2022 surged to 13.8 percent compared to 13.4 percent in April 2022 and 10.9 percent in May 2021
  • The total sales of Oil and Marketing Companies (OMCs) registered a growth of 28% YoY to clock in at 2.17 million tons (MTs) in May 2022, compared to 1.69MTs in May 2021.
  • The cut-off yields of T-bills were increased by up to 75 basis points in the auction conducted by the State Bank of Pakistan (SBP) on Wednesday.
  • The total money supply circulating within the economy in April 2022 has been recorded at around Rs28.92 trillion.
  • The Federal Board of Revenue (FBR) has collected net revenue of Rs5,349 billion in 11MFY22. This represents a growth of about 28.4% over the collection of Rs4,164 billion during the same period last year.
  • The country’s fiscal deficit was recorded at 3.8 percent of the Gross Domestic Product (GDP) during the first three quarters of the current fiscal year compared to the 3 percent deficit recorded during the corresponding period of last year.

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