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Weekly Economic Roundup

Weekly Economic Roundup
Weekly Economic Roundup
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July 08, 2022 (MLN): The weekly economic roundup summarizes the country's key economic and financial data for the week from various sectors to keep an eye on next week's trends.

  • The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held Thursday, in Karachi, has decided to raise the policy rate by 125 basis points (bps) to 15 percent to arrest the inflationary pressure. 
  • In line with the increase in policy rate announced in the MPC meeting on Thursday, the State Bank of Pakistan (SBP) has moved up the markup rate for financing under Export Finance Scheme (EFS) and Long-Term Financing Facility (LTFF) by 2.5% and 3% respectively. 
  • The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 1.32% during the week ended July 06, 2022.
  • The total liquid foreign exchange reserves held by the country dipped by $453 million or 2.8% WoW to stand at $15.7bn during the week ended on June 30, 2022, compared to $16.19bn in the previous week
  • The central government’s total debt has increased by 17% YoY to Rs44.6trillion by the end of May’22, when compared to Rs37.99tr reported in May 2021.
  • The cumulative outflows from the National Savings Schemes (NSS) in 11MFY22 were recorded at Rs295.9 billion, mainly due to the restrictions imposed on financial institutions to invest in these schemes.
  • The National Electric Power Regulatory Authority (NEPRA) on Thursday approved a Rs7.90 per unit increase in power tariff for May under the monthly fuel cost adjustment (FCA) mechanism.
  • Sazgar Engineering Works Limited (SAZEW) sold 1,797 units of Auto Rickshaw during the month of June 2022, which was around 53.2% higher than the sales of 1,173 units made in the previous month.
  • The Executive Committee of the National Economic Council (ECNEC) on Wednesday approved numerous development projects worth Rs4.12 trillion.
  • The Central Directorate of National Savings (CDNS) on Tuesday surpassed its annual target and set a historic record of Rs 1,250 billion savings by June 30, 2022.
  • Foreign exchange inflows through Roshan Digital Account (RDA) have increased by 32% MOM and reached $4.6 billion by June 2022 since its launch in September 2020.
  • Textile exports were recorded at $19.35 billion in the outgoing FY22, showing an upsurge of 26% YoY when compared to $15.41bn in FY21, according to the data issued by All Pakistan Textile Mills Association (APTMA).
  • Pakistan’s oil marketing companies (OMCs)’ sales stood at 22.6 million tons (MTs) in the outgoing FY22, showing an increase of 16% YoY, which was much better than the last 10-year growth rate.
  • During the fiscal year July 21 -June 22, total cement despatches (domestic and exports) were 52.89 million tons which are 7.91 percent lower than 57.43 million tons despatched during the last fiscal year.
  • Pakistan's merchandise trade deficit reached an all-time high of $48.67 billion in FY22 compared to $30.9bn in FY21, marking a growth of 57% YoY.

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Posted on: 2022-07-08T12:48:33+05:00