July 31, 2022 (MLN): The financial highlights of the country are brought to light with the economic and financial data releases over the course of the week.
The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 3.68% during the week ended Jul 28, 2022 while the SPI increased by 37.51% compared to the corresponding period from last year.
The total liquid foreign exchange reserves held by the country dropped by $827 million or 5.4% WoW to stand at $14.4 billion during the week ended on July 22, 2022, compared to $15.24bn in the previous week.
Pakistan’s current account deficit (CAD) was recorded at $17.4 billion in FY22, up by a whopping 6.2x YoY when compared to a deficit of $2.8bn in FY21, mainly on the back of higher import bill and muted growth in workers’ remittances.
Pakistan’s trade deficit in services widened by 2.5x YoY to $727 million in June 2022 compared to the deficit of $293mn recorded in June 2021.
The State Bank of Pakistan (SBP) has raised Rs1 trillion through the auction of three, six, and twelve-month T-bills against the target of Rs650 billion while the cut-off yields witnessed no change.
The country’s overall nutrients offtakeincreased by 17.3% to 483,000 tonnes during June 2022 compared to the same month last year.
Cement despatches declined massively by 54% YoY and 66% MoM to 1.79mn tons in July 2022.
Fitch Ratings has revised the Outlook on Pakistan Water and Power Development Authority (WAPDA) to Negative from Stable while affirming its Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-'.