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Weekly Economic Roundup

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May 17, 2020 (MLN): The latest weekly roundup is here to update the financial and economic data releases, providing a guide to keep an eye on trends in the upcoming week.

  • The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.01% during the week ended May 14, 2020 while the SPI increased by 9.26% compared to the corresponding period from last year.

  • The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held on May 15, 2020 in Karachi, has decided to reduce the Policy Rate by 100 Basis Points to 8 percent.

  • Exports from Pakistan during April 2020 amounted to Rs. 157,412 million, which shows a decrease of 45.23% over March 2020 and of 46.62% over April 2019.

  • Imports into Pakistan during April 2020 amounted to Rs. 526,880 million as against Rs. 525,410 million in March 2020 and Rs. 665,418 million during April 2019, showing an increase of 0.28% over March 2020 but a decrease of 20.82% over April 2019.

  • The exports of the food group witnessed a decrease of 26.04% YoY and 6.36% MoM to stand at $339 billion in the month of April 2020. While the imports of the food group into the country were recorded at $518 million i.e. around 17.61% YoY and 27.5% MoM higher as compared to the same period of last year and last month respectively.

  • The exports in textile and clothing decreased by 2.79 percent during the first 10 months of the current fiscal year (FY20), as compared to the same period of last year.

  • Pakistan's Forex Reserves decreased by USD 10.60 Million or 0.06% and the total liquid foreign reserves held by the country stood at USD 18,744.50 Million on May 08, 2020.

  • The overall sale of securities by foreign investors during the week ended May 8, 2020, was recorded at Rs.56.4 billion, which is around 414.9 percent higher than the figures recorded last week.

  • The Economic Coordination Committee (ECC) of the Cabinet has approved a multi-billion agriculture package to provide the farmers subsidy on fertilizers, reduction in bank mark-up on agriculture loans, subsidy on cottonseed, and whitefly pesticides and sales tax subsidy on locally manufactured tractors.

  • Pakistan’s total debt servicing (principal and interest) by the government during the third quarter of the current fiscal year reduced to a total of $2.73 billion from $3.9 billion in the 2QFY20, showing a decline of 30% QoQ.

  • The departing month marked a new history for all automobile assemblers as not a single passenger car was sold during April 2020, owing to the lockdown imposed by federal and provincial governments, which consequently resulted in several auto companies, along with others, to shut down plant operations.

  • The LSMI output decreased by 22.95% in March 2020 compared to March 2019 and 21.99% when compared to February 2020.

  • Pakistan’s total external debt and liabilities by the end of 1QCY20 stood at $109.94 billion, signifying a growth of 4% YoY, as during Jan-Mar CY19 it was $105.9 billion.

  • The total money supply circulating within the economy during March 2020 stood at Rs. 19.06 trillion, which is almost 4% higher as compared to the Rs 18.41 trillion reported in February 2020, and 15% as compared to Rs. 16.5 trillion recorded in the same month of last year.

  • Overseas Pakistanis remitted USD 1.79 billion in the month of April 2020 compared to USD 1.89 billion in March 2020 showing a decrease of USD 104.35 million over the previous month.

  • The exodus of foreign investors from Pakistan’s debt market is continuing with net sales of the government’s denominated securities particularly T-bills during the month of April 2020 recorded at $601 million.

  • The non-government sector has borrowed another net sum of Rs.20.94 billion during the week ended May 01, 2020, which brings the cumulative net borrowing for ongoing fiscal year FY2020 to Rs.316.37 billion. The net borrowing as of prior week was recorded at Rs.295.43 billion.

  • The government of Pakistan has acquired an additional debt of Rs.203.42 billion during the week ended May 01, 2020, which brings its total net borrowing for the ongoing fiscal year 2020 to Rs.1115.12 billion. As of prior week, the government had borrowed a net sum of Rs.911.71 billion.

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Posted on: 2020-05-17T13:53:00+05:00