AVN 66.45 Increased By ▲ 0.75 (1.14%)
BAFL 30.07 Increased By ▲ 1.08 (3.73%)
BOP 4.75 Increased By ▲ 0.16 (3.49%)
CNERGY 4.02 Increased By ▲ 0.27 (7.2%)
DFML 14.29 Increased By ▲ 0.03 (0.21%)
DGKC 43.98 Increased By ▲ 1.28 (3%)
EPCL 44.48 Increased By ▲ 2.31 (5.48%)
FCCL 11.95 Increased By ▲ 0.75 (6.7%)
FFL 4.98 Decreased By ▼ -0.06 (-1.19%)
FLYNG 6.14 Increased By ▲ 0.31 (5.32%)
GGL 10.41 Increased By ▲ 0.16 (1.56%)
HUBC 62.09 Increased By ▲ 1.94 (3.23%)
HUMNL 5.87 Increased By ▲ 0.13 (2.26%)
KAPCO 27.51 Increased By ▲ 0.62 (2.31%)
KEL 2.22 Decreased By ▼ -0.02 (-0.89%)
LOTCHEM 26.73 Increased By ▲ 0.55 (2.1%)
MLCF 22.52 Increased By ▲ 1.53 (7.29%)
NETSOL 86.60 Increased By ▲ 1.98 (2.34%)
OGDC 86.30 Increased By ▲ 0.40 (0.47%)
PAEL 11.38 Increased By ▲ 0.23 (2.06%)
PIBTL 4.29 No Change ▼ 0.00 (0%)
PPL 80.26 Decreased By ▼ -0.04 (-0.05%)
PRL 13.66 Increased By ▲ 0.98 (7.73%)
SILK 0.90 Decreased By ▼ -0.01 (-1.1%)
SNGP 41.92 Increased By ▲ 0.62 (1.5%)
TELE 6.29 Increased By ▲ 0.24 (3.97%)
TPLP 16.39 Increased By ▲ 0.52 (3.28%)
TRG 112.91 Increased By ▲ 2.41 (2.18%)
UNITY 14.42 Increased By ▲ 0.49 (3.52%)
WTL 1.20 Increased By ▲ 0.02 (1.69%)
BR100 4,075 Increased By 124 (3.14%)
BR30 14,525 Increased By 302.7 (2.13%)
KSE100 40,847 Increased By 1061.6 (2.67%)
KSE30 15,212 Increased By 411.4 (2.78%)
Business & Finance

Pakistan entering third COVID-19 wave with strong economic indicators: Baqir

  • Baqir appreciated the role of Overseas Pakistanis for their role in maintaining the growth in remittances. “We have to thank Overseas Pakistan for the unparalleled growth we are seeing in our remittances,” he said.
Published April 12, 2021
Follow us

Governor State Bank of Pakistan (SBP) Dr. Reza Raza Baqir on Monday said that Pakistan is entering the third economic wave with strong economic indicators.

"We are entering the third Corona wave with strong economic indicators," said Baqir, while addressing an event held at the Pakistan Stock Exchange (PSX), with SBP Governor ringing the traditional bell.

Baqir appreciated the role of Overseas Pakistanis for their role in maintaining the growth in remittances. “We have to thank Overseas Pakistan for the unparalleled growth we are seeing in our remittances,” he said.

As per the State Bank of Pakistan (SBP) latest figures, remittances rose to $2.7 billion in March 2021, 20 percent higher than last month and 43 percent higher than March 2020. Cumulatively during July-Mar FY 21, remittances have risen to $21.5 billion, up by 26 percent over the same period of FY20.

Talking about the real economy of the country the State Bank of Pakistan Governor highlighted that the latest Large Scale Manufacturing Index shown 9 percent year on year growth in January of this year, while cement sales that are not only used for housing and construction but also for exports showed a growth of 44pc year on year in March that translates into a figure of 5.4 million tonnes in March 2021.

“This is important because the employment in the informal sector is a lot more now than it was one year ago,” said Baqir. Whereas in the auto sector, the sale of passenger cars grew 35pc year on year in February, said Baqir.

The SBP chief said that the central bank’s FMCG index, which is a good indicator of demand shows the growth of in the second quarter of this fiscal year of 17.8pc in nominal terms, and in real terms that growth comes to 8.7pc in the second quarter.

"If you look at the supply side indicators or the demand side indicators, we are now seeing a momentum that was not present last year," said Baqir.

SBP Governor said that Pakistan has returned to the global capital market by issuing Eurobonds.

In response to a question, Baqir said that for the first time in history, the housing and construction sector is being expanded. He informed that the Prime Minister is taking interest in the housing sector and meets every week.

Comments

Comments are closed.

Pakistan entering third COVID-19 wave with strong economic indicators: Baqir

To be presented in first week of June: FY24 budget call circular issued to ministries, divisions

Power surge crashes grid, plunging millions into darkness

Premature termination of PPA of Hubco power plant recommended

Alvi optimistic about IMF talks

IMF team to arrive on 31st

PKR fall to set off huge economic ‘crisis’: PTI

ECC approves revised conditions for sugar export

PDM leaders take stock of political situation

Financial statements: Compliance with applicable reporting framework ensured: KE

Govt may exempt solar equipment from all taxes