Weekly Economic Roundup

November 08, 2020 (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 decreased by 0.12% during the week ended Nov 05, 2020 while the SPI increased by 8.93% compared to the corresponding period from last year.
  • Pakistan's Yearly Inflation Rate (New Base 2015-16) in October 2020 was 8.91 percent compared to 9.04 percent in September 2020 and 11 percent in October 2019.
  • Pakistan’s fiscal deficit during 1QFY21 stood at 1.1 percent of the GDP, compared to the deficit of 0.7 percent of GDP in the same period of FY20.
  • Pakistan's Forex Reserves increased by USD 57.10 Million or 0.3% and the total liquid foreign reserves held by the country stood at USD 19,353.60 Million on Oct 29, 2020.
  • The Asian Development Bank (ADB) is planning to provide around $10 billion in fresh assistance for various development projects and policy-based programs to Pakistan, various media reports as well as ADB informed on Thursday.
  • Banking sector deposits continue to show robust growth during the ongoing year, as the total deposits held by commercial banks clocked in at Rs 16.66 trillion by the end of October 2020, depicting a growth of 20% YoY and a decline of 1% MoM.
  • The State Bank of Pakistan (SBP) under its Rozgar scheme for protecting businesses and employees working with them from the impact of COVID-19, has so far approved Rs 237.211 billion for 2,949 businesses.
  • Forty thousand non-resident Pakistanis have so far opened Roshan Digital Accounts and one thousand new accounts are being opened on daily basis. The figures were shared at a webinar hosted by the Pakistan High Commission Ottawa and Consulate General of Pakistan Toronto.
  • The Federal government has approved a three-year “Rolling Spectrum Strategy 2020-2023” to ensure faster telecom network speed.
  • The Economic Coordination Committee (ECC) of the cabinet Wednesday formed a committee to prepare a proposal on modalities for clearing the circular debt of the Petroleum Division.
  • The Oil and Gas Development Company Limited (OGDCL) has injected two new wells, producing 65,233 Barrels of crude oil and 368 Million Cubic Feet (MMCF) gas, in its production gathering system during the first quarter of the current fiscal year.
  • National Electric Power Regulatory Authority (NEPRA) has issued 3,334 net metering licenses with a total installed capacity of 56.86 during 2019-20, under the net-metering regime.
  • Pakistan's trade deficit for 4 months (July-October) FY21 was USD 7.58 billion compared to a deficit of USD 7.72 billion from the corresponding period from FY20.
  • The non-government sector has borrowed a net sum of Rs.11.1 billion during the week ended October 23, 2020, which brings the cumulative net retirement for the ongoing fiscal year FY2021 to Rs.111.75 billion. The net retirement as of the prior week was recorded at Rs.122.85 billion.
  • The exports of Telecommunication & IT Services have grown by 41% to USD 444 million during the period Jul-Sep of this Financial Year, as compared to USD 315 million in the corresponding period of the last year.
  • The government of Pakistan has retired Rs.41.96 billion during the week ended October 23, 2020, which brings its total net borrowing for the ongoing fiscal year 2021 to Rs.30.08 billion. As of the prior week, the government had borrowed a net sum of Rs.72.04 billion.
  • With the fall in oil prices in the international market and economic recovery, the demand for petroleum products witnessed an increase, as the overall sales of Oil and Marketing Companies (OMCs) during the month of October has shown a growth of 6.1% YoY to 1.69 MTs compared to 1.6 MTs in the same month of last year.
  • The Asian Development Bank (ADB) and the Government of Pakistan Tuesday signed a $2 million grant agreement to strengthen Pakistan’s efforts to combat the coronavirus disease (COVID-19) pandemic. 
  • Pakistan’s capital market witnessed a significant outflow of hot money during the month of October 2020 as foreign investors divested $268.9 million in the government’s short-term papers  (T-bills) against the inflows of $12.53 million, resulted in net divestment of $256.34 million, reveals the statistics gathered by the State Bank of Pakistan (SBP). 
  • The Federal Board of Revenue has collected Rs. 1,337 billion in net revenue from July to October of the current financial year, as against Rs. 1,288 billion collected in the same period of last year.
  • The gross sale of securities by foreign investors during the week ended October 23, 2020, was recorded at Rs. 93.1 billion, which is around 866.7 percent higher than the figures recorded last week.
  • Exploration and Production (E&P) companies have made around 90 oil and gas discoveries in different parts of the country during the last six years.

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Posted on: 2020-11-08T16:20:00+05:00