Weekly Economic Roundup – Mettis Global Link

Aug 27, 2022 (MLN): The country’s financial highlights are revealed over the course of the week with economic and financial data.

The country’s total nutrient decline decreased by 34% to 310,000 tons in July 2022 compared to the same month last year. The Weekly Sensitive Price Indicator (SPI) for the combined group is up 1.83% in the week ended August 25, 2022. The country’s total liquid foreign exchange reserves fell $92 million or 0.7% WoW to $13.5 billion during the week ended August 19, 2022, compared to $13.6 billion in the previous week. Foreign direct investment (FDI) inflows into Pakistan in July were $59 million, compared to $103.8 million in the same month a year ago, down 39% year-on-year. Pakistan received new external borrowing of $185.61 million in the first month of FY23, i.e. July 2022, from multiple funding sources at the annual budget estimates of $22.82 billion for the entire fiscal year FY23. The State Bank of Pakistan (SBP) raised rupees 828 billion on Wednesday through the auction of three-, six- and 12-month T-bills against the target of 750 billion rupees. The Real Effective Exchange Rate (REER) index was quoted at 93.16 in July 2022, down 0.87% from 93.97 in June 2022. Pakistan’s trade deficit in services improves by about 62% MoM to $260 million in July 2022, from $682 million in the previous month. The current account deficit (CAD) shrank to $1.2 billion in July 2022 from $2.2 billion in June 2022, largely due to a sharp decline in energy imports and continued moderation in other imports. Car financing in Pakistan increased by 14.87% year-on-year to Rs 360.5 billion in July 2022, compared to Rs 313.86 billion in the same month last year. The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) decided in its meeting on August 22, 2022 to maintain the key rate at 15%. Pakistan’s overall budget deficit in FY22 was 7.9% of GDP (Rs 5.3 trillion) against Rs 3.4 trillion in FY20, with a whopping increase of about Rs2tr or 55% YoY. Total power generation in the country fell 9.8% yoy in July 2022 to 14,151 GWh at a cost of Rs10.71 per unit, compared to 15,680 GWh in July 2021 at a cost of Rs6.47 per unit.

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Posted on:202-08-27T14:42:38+05:00

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