September 20, 2020 (MLN): The Weekly Economic Roundup summarises key economic and financial data releases for the week, providing a more context on the current economic situation of Pakistan.
The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.71% during the week ended Sept 17, 2020 while the SPI increased by 8.72% compared to the corresponding period from last year.
The Monetary Policy Committee of SBP will meet on Monday, September 21, 2020 at SBP Karachi to decide about Monetary Policy. Governor State Bank of Pakistan, Dr. Reza Baqir, will give a press conference on the same day after the MPC meeting.
Pakistan's Forex Reserves decreased by USD 2.30 Million or 0.01% and the total liquid foreign reserves held by the country stood at USD 19,959.00 Million on Sep 11, 2020.
The LSMI output increased by 5.02% during July 2020 as compared to July 2019, and 9.54% if compared to June 2020.
Foreign investment during August’20 stood at 102 million dollars compared to a net inflow of 107.2 million dollars during July’20, showing a decrease of 4% MoM.
The financial business has received the highest net FDI worth $61.5 million in August’20. During Jul-Aug FY21, it fetched a net $85.4 million, showing a six-fold increase when compared to the net inflows of $14 million in the corresponding period of FY20.
Norway emerged as the largest investor in Pakistan in August 2020, with a total direct investment of $45 million, followed by the Netherlands and Malta who invested $21.3 million and $18.5 million respectively, according to SBP data issued.
Pakistan’s money supply surged to 17% to Rs.24.966 trillion in the fiscal year 2020 from 10% recorded in FY19, the State Bank of Pakistan (SBP) data showed on Tuesday.
In August, workers’ remittances remained above $2 billion for the third month in a row. They reached $ 2.095 billion, which is 24.4 percent higher than during the same month last year and largely in line with SBP projections.
Central Development Working Party (CDWP) approved 04 projects worth Rs. 12.25 billion and recommended 02 projects worth Rs. 33.427 billion to ECNEC for consideration & allowed for extension in re-tendering of one project worth Rs. 12.10 billion in the meeting.
The Economic Coordination Committee (ECC) of the Cabinet allowed amendment in the import of Customs Duty-Free Cars under the disabled persons ‘scheme and increased the limit of importing cars under the scheme.
The government decided to maintain the prices of various petroleum products at the existing level for the next half of the current month.
The State Bank of Pakistan (SBP) has notified that the National Savings Schemes (AML & CFT) Rules, 2019 promulgated by the Ministry of Finance on January 23, 2020 are also applicable to the commercial banks.
The investment portfolio of Employees’ Old-Age Benefits Institution (EOBI) has witnessed an increase of over nine percent in the last three years, surpassing Rs 362 billion mark in the fiscal year 2019-20.
The government has revised duty drawback rates from 4.39% to 1.7% for electric fans after 11 years.
The non-government sector has retired another net sum of Rs.5.82 billion during the week ended September 04, 2020, which brings the cumulative net retirement for the ongoing fiscal year FY2021 to Rs.166.8 billion. The net retirement as of the prior week was recorded at Rs.160.97 billion.
The government of Pakistan has accumulated Rs.39.7 billion during the week ended September 04, 2020, which brings its total net retirement for the ongoing fiscal year FY2021 to Rs.120.36 billion. As of the prior week, the government had retired a net sum of Rs.160.06 billion.
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