Weekly Economic Roundup

June 26, 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 Group increased by 1.01% during the week ended Jun 26, 2022 while the SPI increased by 28.05% compared to the corresponding period from last year.
• State Bank of Pakistan (SBP) has received a $2.3 billion loan from a Chinese consortium.
• The government has imposed a super-tax of 10% on large-scale industries in a bid to support poor people under its poverty alleviation plan.
• The total liquid foreign exchange reserves held by the country dropped by $733 million or 4.9% WoW to stand at the lowest level of $14.2 billion since Jan 18, 2019, during the week ended on June 17, 2022, compared to $14.94bn in the previous week.
• The country’s overall nutrients offtake dropped by 21.8% to 302,000 tonnes during May 2022 compared to the same month last year.
• The National Electric Power Regulatory Authority (NEPRA) on Friday approved an Rs5.27 per unit increase in tariff for April under monthly fuel cost adjustment (FCA) for consumers of K-Electric.
• The State Bank of Pakistan (SBP) raised Rs155 billion on Wednesday, against the target of Rs150bn by selling fixed-rate Pakistan Investment Bonds (PIBs).
• The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the Technical Supplementary Grant (TSG) of Rs96.13 billion to the Power Division for payment to the IPPs as a second installment (60% payment).
• Central Directorate of National Savings (CDNS) on Tuesday attained the target of issuing Rs1100 billion fresh bonds in the last 11 months of the current fiscal year 2021-22, from July 1st to June 15, 2022.
• With the highest ever daily inflow of $57 million on June 21, 2022, the total deposits in Roshan Digital Account (RDA) have crossed $4.5 billion.
• The total deposits held by scheduled banks have shown a growth of around 18% YoY to around Rs21.15 trillion in May 2022, against Rs17.95tr in the same month of last year on account of strong overseas inflows.
• The Banking sector spread for May 2022 narrowed down by 41 basis points (bps) over the month which brings its latest value to 4.61% as compared to the prior month's spread of 5.02%.
• Automobile financing in Pakistan was recorded at Rs367 billion in May 2022.
• Total Power generation in the country increased by 13% YoY to 14,657 GWh in May 2022 at a cost of Rs13.15 per unit, compared to 13,010 GWh in May 2021 at the cost of Rs5.7 per unit.

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