Weekly Economic Roundup

November 29, 2020 (MLN): The weekly economic roundup summarizes the country's key economic and financial data for the week from various sectors to keep an eye on next week's trends. 

  • The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.92% during the week ended Nov 26, 2020 while the SPI increased by 7.48% compared to the corresponding period from last year.
  • Pakistan's Forex Reserves increased by USD 466.80 Million or 2.32% and the total liquid foreign reserves held by the country stood at USD 20,552.40 Million on Nov 20, 2020.
  • The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held on November 23, 2020 in Karachi, has decided to maintain the Policy Rate at 7 percent.
  • The Asian Development Bank (ADB) approved a $300 million policy-based loan to help promote macroeconomic stability in Pakistan by facilitating improved trade competitiveness and export diversification.
  • Oil and Gas Development Company Limited (OGDCL) as Operator (100%) of Lakhirud Exploration Licence discovered gas from its exploratory well Lakhirud X-1, which is located in District Musa Khel, Balochistan Province.
  • Overseas investors purchased net Rs 45.12 million worth of securities during the week ended November 20, 2020, i.e. around Rs.1.97 billion lower than last week's numbers.
  • The State Bank of Pakistan (SBP), in order to facilitate Exchange companies and Exchange companies of “B',  extended the validity period of enhancement in exposure limit up to March 31, 2021.
  • Pakistani expats deposited over $100 million in the Roshan Digital Accounts since its launching, disclosed Senator PTI -Chairman Standing Committee on Information Broadcasting Faisal Javed on Thursday.
  • Pakistan and Denmark agreed to explore new avenues of cooperation in green technologies by establishing a 'Green Partnership'.
  • World Bank will provide 19.85 million dollars to Pakistan for Covid-19 response, recovery and resilience in education project.
  • Pakistan ranked 45th in the Internet Development Index with a score of 39.03, but the country placed 42nd, surpassed Vietnam, Kazakhstan and other countries in innovation capacity, according to the World Internet Development Report 2020.
  • The USA remained as the top export destination for Pakistan with $413.3 million worth of shipments in October 2020, against the exports of $375.9 million in the preceding month and $374.75 million in October’19, showing an increase of 10% both on MoM and YoY basis.
  • Pakistan exports to the United Kingdom (UK), during the month of October 2020, registered at US $ 200 million as compared to US $ 154 million realized in the corresponding month of last year showing an increase of 30 percent.
  • Dun & Bradstreet Pakistan and Gallup Pakistan have issued their third report on ‘Pakistan Consumer Confidence Index (CCI) for Q3 2020.
  • Textile products remained the major exportable goods for Pakistan as it accounted for 58% of the total exports during the period of 4MFY21.  The overall exports of the textile group nosedived by 9% YoY to $4.23 billion from $4.62billion recorded in the same period last year.
  • The Banking sector spread for October 2020 has marginally grown by 7 basis points (bps) over the month which brings its latest value to 4.65% as compared to the prior month's spread of 4.58%. On the contrary, the spread has compressed by 148 bps as compared to the same period last year.
  • Foreign investors’ confidence in Pakistan’s economy is gradually restoring as multinational companies operating in Pakistan repatriated $678.6 million in profit and dividends on investments in the country during four months of FY21 which was 24% higher than the profits repatriated in the corresponding period of last year.
  • The Federal Government has released Rs 299.7 billion for various ongoing and new social sector uplift projects to date under its Public Sector Development Programme (PSDP) 2020-21.

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Posted on: 2020-11-29T14:48:00+05:00