Weekly Economic Roundup

October 11, 2020 (MLN): The financial snapshot of the country in full detail is highlighted 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 1.24% during the week ended Oct 08, 2020, while the SPI increased by 11.28% compared to the corresponding period from last year.

• Pakistan's Forex Reserves decreased by USD 183.80 Million or 0.94% and the total liquid foreign reserves held by the country stood at USD 19,351.00 Million on Oct 02, 2020.

• The Roosevelt Hotel, owned by Pakistan International Airlines (PIA) in New York, has announced a permanent closure by the end of this month. The hotel administration in the statement issued mentioned economic and financial reasons behind its permanent closure.

• The National Electric Power Regulatory Authority (NEPRA) has increased Rs. 0.83 per unit in the power tariff on Thursday. The power tariff has been increased by the authority on account of variation in fuel charges for the month of July 2020.

• Foreign Investors during the week ended September 18, 2020, took out the net amount of Rs. 3.61 billion by selling local securities which were around Rs.2.34 billion lower than the last week's numbers.

• Economic Coordination Committee (ECC) allowed SNGPL for the recovery of previous revenue shortfall as well as enabling SNGPL to manage the load of the domestic/ commercial sectors by the diversion of RLNG in the approaching winter.

• The Central Directorate of National Savings (CDNS) has achieved a collection net target of Rs 10 billion by the fiscal year 2020-21.

• Pakistan's trade deficit for 3 months (July-September) FY21 was USD 5.80 billion compared to a deficit of USD 5.69 billion from the corresponding period from FY20.

• The Federal Government has so far authorized the release of Rs117.67 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2020-21 as against the total allocation of Rs650 billion.

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