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  • Headline inflation contracts to 8.63 percent in first half

    Headline inflation contracts to 8.63 percent in first half

    ISLAMABAD: The average headline inflation based on Consumer Price Index (CPI) contracted to 8.63 percent during the first half (July – December) of the current fiscal year, Pakistan Bureau of Statistics (PBS) said on Friday.

    The average inflation during the same half of the last fiscal year was 11.11 percent, it added. Whereas the average inflation was 5.96 percent during the same half of the fiscal year 2018/2019.

    The PBS said that CPI inflation general, increased by8.0 percent on year-on-year basis in December 2020 as compared to an increase of 8.3 percent in the previous month and 12.6 percent in December2019.

    On month-on-month basis, it decreased by 0.7 percent in December 2020 as compared to an increase of 0.8 percent in the previous month and a decrease of 0.3 percent in December 2019

    CPI inflation Urban, increased by 7.0 percent on year-on-year basis in December 2020 as compared to an increase of 7.0 percent in the previous month and 12.0 percent in December 2019.

    On month-on-month basis, it decreased by 0.3 percent in December 2020 as compared to an increase of 0.6 percent in the previous month and a decrease of 0.4 percent in December2019.

    CPI inflation Rural, increased by 9.5 percent on year-on-year basis in December 2020 as compared to an increase of 10.5 percent in the previous month and 13.6 percent in December 2019.

    On month-on-month basis, it decreased by 1.2 percent in December 2020 as compared to an increase of 1.1 percent in the previous month and a decrease of 0.3 percent in December 2019.

    Sensitive Price Indicator (SPI) inflation on YoY increased by 9.1 percent in December 2020 as compared to an increase of 9.9 percent a month earlier and an increase of 18.1 percent in December 2019.

    On MoM basis, it decreased by 2.7 percent in December 2020 as compared to an increase of 1.1 percent a month earlier and a decrease of 2.0 percent in December 2019.

    Wholesale Price Indicator (WPI) inflation on YoY basis increased by 5.7 percent in December 2020 as compared to an increase of 5.0 percent a month earlier and an increase of 12.4 percent in December 2019.

    WPI inflation on MoM basis increased by 0.3 percent in December 2020 as compared to a decrease of 0.9 percent a month earlier and a decrease of 0.3 percent in corresponding month i.e. December 2019.

  • Foreign exchange reserves fall by $59 million to $20.25 billion

    Foreign exchange reserves fall by $59 million to $20.25 billion

    KARACHI: The liquid foreign exchange reserves of the country fell by $59 million to $20.254 billion by week ended December 24, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were $20.313 billion by week ended December 18, 2020.

    The official reserves of the SBP fell by $65 million to $13.151 billion by week ended December 24, 2020 as compared with $13.216 billion a week ago.

    The foreign exchange reserves held by commercial banks increased by $6 million to $7.103 billion by week ended December 24, 2020 as compared with $7.097 billion a week ago.

  • Pak – Afghan PTA to be finalized next month: Razak Dawood

    Pak – Afghan PTA to be finalized next month: Razak Dawood

    ISLAMABAD: A preferential trade agreement (PTA) between Pakistan and Afghanistan will be finalized by end of next month, Adviser to Prime Minister on Commerce on Investment, Abdul Razak Dawood said on Monday.

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  • ECC approves issuance of $500 million Eurobonds

    ECC approves issuance of $500 million Eurobonds

    The Economic Coordination Committee of the Cabinet (ECC) convened on Thursday and granted preliminary approval for the issuance of $500 million Eurobonds, marking a significant move to secure financial resources for critical national projects.

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  • Foreign exchange reserves fall by $67 million

    Foreign exchange reserves fall by $67 million

    KARACHI: The foreign exchange reserves of the country fell by $67 million to $20.313 billion by week ended December 18, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $20.380 billion by week ended December 11, 2020.

    The official reserves of the SBP fell by $83 million to $13.216 billion as compared with $13.299 billion a week ago.

    The central attributed the decline in the official reserves to external debt repayment during the week.

    The foreign exchange reserves held by commercial banks increased by $16 million to $7.097 billion by week ended December 18, 2020 when compared with $7.081 billion a week ago.

  • Pakistan’s knitwear export jumps up by 14.34 percent in five months

    Pakistan’s knitwear export jumps up by 14.34 percent in five months

    KARACHI: Pakistan’s knitwear export has jumped up by 14.34 percent to $1.51 billion during the first five months (July – November) of the current fiscal year, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    The export of knitwear was at $1.32 billion during the same period of the last fiscal year.

    The total export of textile products posted five percent growth to $6.04 billion during the first five months of the current fiscal year as compared with $5.76 billion in the corresponding months of the last fiscal year.

    The export of knitwear remained the largest component contributing around 25 percent of the total textile export.

    In terms of value, export of readymade garments was the second largest component of textile export. The export of readymade garments posted 4.36 percent growth to $1.2 billion during July – November 2020/2021 as compared with $1.15 billion in the corresponding period of the last fiscal year.

    The export of bedwear registered 12.28 percent increase to $1.138 billion during the first five months of the current fiscal year as compared with $1.01 billion in the same period of the last fiscal year.

    The export of cotton cloth fell by 8.73 percent to $773.17 million during July – November 2020/2021 as compared with $847 million in the corresponding period of the last fiscal year.

    Similarly, the export of cotton yarn fell by 37.34 percent to $304.55 million during the period under review as compared with $486 million in the same period of the last fiscal year.

  • Weekly foreign exchange reserves ease by $22 million

    Weekly foreign exchange reserves ease by $22 million

    KARACHI: Pakistan’s foreign exchange reserves eased by $22 million to $20.38 billion by week ended December 11, 2020, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $20.402 billion by week ended December 04, 2020.

    The foreign exchange reserves of the SBP were remained flat at $13.299 billion by week ended December 11, 2020 as compared with $13.298 billion a week ago.

    The foreign exchange reserves held by commercial banks fell by $23 million to $7.081 billion by week ended December 11, 2020 as compared with $7.104 billion a week ago.

  • Taxes removed on locally manufactured mobile phones; ECC accords approval

    Taxes removed on locally manufactured mobile phones; ECC accords approval

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved removal of taxes on locally manufactured mobile phones.

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  • Foreign investment falls 81 percent during July – November

    Foreign investment falls 81 percent during July – November

    KARACHI: The inflow of total foreign investment fell by around 81 percent during first five months of the current fiscal year due to outflow of investment from debt securities.

    According to data released by State Bank of Pakistan (SBP) on Wednesday the foreign public investment fell by 112.5 percent mainly due to outflow in debt securities.

    The investment in debt securities witnessed outflow of $142 million during first five months of the current fiscal year as compared with inflows of $1.13 billion in the same period of the last fiscal year.

    The other segment of total investment i.e. foreign private investment witnessed a decline of 40 percent during the period under review.

    The foreign private investment fell to $531.6 million during July – November of the current fiscal year as compared with $884 million in the corresponding period of the last fiscal year.

    Under the head of foreign private investment, the inflow of direct investment witnessed 17 percent to $717 million during first five months of the current fiscal year as compared with $864.4 million in the same period of the last fiscal year.

    The investment in capital market witnessed massive outflow during the period. The portfolio investment during first five months of the current fiscal year witnessed outflow of $185.8 million as compared with inflow of $19.5 million in the same period of the last fiscal year.