Weekly Economic Roundup

August 01, 2020 (MLN): The latest weekly roundup is here to update the financial and economic data releases as they provide a guide to keeping an eye on trends in the upcoming week.

  • The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.31% during the week ended Jul 29, 2020 while the SPI increased by 10.1% compared to the corresponding period from last year.

  • Keeping in view the global price hike of oil, the government on Friday increased the prices of petrol from Rs100.11 per liter to Rs103.97 per liter, an increase of Rs3.86. The new prices would be effective from August 1st, 2020.

  • Pakistan's Forex Reserves decreased by USD 135.10 Million or 0.71% and the total liquid foreign reserves held by the country stood at USD 18,912.20 Million on Jul 24, 2020.

  • A selloff in the debt market continued as foreign Investors pulled out Rs 6.073 billion during the week ended July 24, 2020 amid uncertainty and global trade worries. However, the pace of foreign selling slowed down by Rs.4.45 billion when compared to last week’s number.

  • Pakistan has received $10.662 billion foreign assistance during FY20 from bilateral and multilateral development partners, foreign commercial borrowing, and commodity financing from Islamic Development Bank and Saudi Arabia.

  • Honda Atlas Cars Pakistan Limited has announced that prices of Honda Cars have been revised w.e.f 10th August 2020 due to the current forex situation.

  • The major importable goods during FY20 were Petroleum, Agriculture Products & Chemicals, Machinery and Food as they accounted for 22%, 17%, 15% and 11% of the total import respectively.

  • Pakistan’s overall export performance during FY20 showed a decline of 7% YoY, to $22.5 billion as compared to $24.25 billion recorded during FY19 and $24.768 in FY18.

  • The U.S.A has emerged as the top export destination for Pakistan during FY20 with $3.897 billion worth of shipments against the exports of $4.042 billion in FY19, showing a decrease of 4% YoY.

  • Economic Coordination Committee (ECC) allowed import of up to 300,000 metric tonnes of white sugar through a mode of procurement and other modalities to be decided by a three-member committee comprising Secretary Industries and Production, Secretary Commerce and Secretary Finance.

  • The Ministry of National Food Security and Research has transferred an amount of Rs5,369.53 million to provinces and regions during the fiscal year 2019-20 under Prime Minister National Agricultural Emergency Program for the development of agriculture and livestock sectors in the country.

  • The State Bank of Pakistan has received 505.5 million dollars from the World Bank on Wednesday. The aforesaid announcement was made by SBP on its official twitter handle. 

  • The latest data released by SBP shows that the Oil & Gas Exploration sector repatriated highest profits of $250.6 million during FY20, against $258.5 million in the previous fiscal year, showing a decline of 3% YoY.

  • Risk-averse Foreign investors have extracted $4.5 million from government denominated T-bills in a single session on Friday, i.e. July 24, 2020.

  • The tea imports into the country witnessed a decline of 6.81 percent during the fiscal year 2019-20 as against the same period of last fiscal year, the Pakistan Bureau of Statistics (PBS) reported. 

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Posted on: 2020-08-02T14:38:00+05:00