47. Pakistan Economic Survey 2011-12 - Consultancy Services in ...

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Pakistan Economic Survey 2011-12March 2011. However, the stocks reached Rs2474.7 billion in March 2011-12 against the endJune stock of Rs 2431.8 billion, reflecting anincrease of only 1.8 percent. All of the majorsectors, excluding agriculture, registered a declinein credit when compared to last year. Particularly,loans to textile sector are significantly lower thanlast year. The ample profitability of textile sectorin 2010-11, along with subsequent decline incotton prices in 2011-12 explains the relativelylower requirement for credit during July - May2012.The manufacturing sector advanced over 100percent (Rs 65.0 billion) of total PSC, followed bytextiles (38.2 percent), and agriculture (24.5percent). On the other hand, credit to trade andconstruction declined by 14 percent, followed byelectricity, gas and water supply (4.5 percent), andthen commerce and trade (2 percent).In agriculture, overall credit disbursement by fivemajor commercial banks 1 stood at Rs. 107.6 billionin July—March 2012 as compared to Rs. 93.3billion in July—March 2011 posting an increase ofRs. 14.4 billion or 15.4 percent. Total creditdisbursement to agriculture sector during July-March 2012 surged by 17 percent on year to yearbasis to Rs. 197.4 billion against totaldisbursement of Rs. 168.7 billion in the sameperiod of fiscal year 2010-11.Net decline in consumer financing during July -March 2012 stood at Rs8.5 billion as compared tothe decline of Rs 17.4 billion in the comparableperiod of 2010-11 , thereby registered a decline of3.9 percent as compared to the decline of 7.1percent during the period under review.Table 5.4: Consumer FinancingRs. BillionDescriptionJuly-March Growth (%)2010-11 2011-12 2010-11 2011-12Consumer Financing -17.40 -8.50 -7.10 -3.901) For house building -5.40 -5.20 -10.00 -10.902) For transport i.e. purchase of car -10.60 -5.60 -16.40 -11.003) Credit cards -3.40 -1.70 -12.20 -7.004) Consumers durable 0.03 0.10 13.90 37.105) Personal loans 0.40 2.70 0.40 3.006) Other 1.60 1.20 55.70 27.00Source: State Bank of PakistanLoans for consumer durables witnessed a netexpansion of 37.1 percent during July 2011 -March 2012 against 13.9 percent in the sameperiod last year. However, auto loans, mortgages,credit cards and personal loans have consistentlybeen on the decline since January 2008 on accountof multiple factors (e.g. fragile economicconditions, rising cost of credit and increasingdefault). The stock of consumer finance reduced toRs. 209.1billion in March 2012 from its peak ofRs. 371.3 billion exactly four years earlier.Each category within the consumer financesegment has registered a persistent increase in theloan infection ratio for the last three years. Thisincrease has been a combination of rising NPLsand declining credit to each category with theexception of consumer durables.Monetary AssetsThe component of monetary assets (M2) include:currency in circulation, demand deposit, timedeposits (excluding IMF A/C, counterpart), andresident’s foreign currency.1 Allied Bank, Habib Bank Limited, MCB Bank Limited, National Bank of Pakistan and United Bank Limited70
Money and CreditTable-5.5 Monetary Aggregates(Rs Million)Items End June July-11May2010 2011 2010-11 2011-12A.Currency in Circulation 1,295,385 1,501,409 1,550,840 1,705,749Deposit of which:B. Other Deposits with SBP 6,663 10,145 10,359 11,924C.Total Demand &Time Deposits incl.RFCDs 4,475,186 5,183,640 4,878,666 5,586,202of which RFCDs 345,438 374,945 368,012 416,962Monetary Assets Stock (M2) A+B+C 5,777,234 6,695,194 6,439,864 7,303,874Memorandum ItemsCurrency/Money Ratio 22.4 22.4 24.1 23.4Other Deposits/Money ratio 0.1 0.2 0.2 0.1Total Deposits/Money ratio 77.5 77.4 75.8 76.5RFCD/Money ratio 6.0 5.6 5.7 5.7Income Velocity of Money 2.7 2.9 2.7 2.7Source: State Bank of PakistanCurrency in CirculationDuring July – 11 th May 2012, currency incirculation (CIC), in flow terms, stood at Rs. 204.3billion as compared to Rs. 255.5 billion in thesame period last year. Similarly, the currency incirculation as percent of money supply (M2) hasdeclined to 23.4 percent in 2011-12 as against 24.1percent during the same period in 2010-11.Fig-5.5 : Currency in Circulation % M2 & GDPCIC/M2 CIC/GDP25.010.524.010.023.09.59.022.08.521.08.020.07.52006 2007 2008 2009 2010 2011 2012(July-11May)Broad money (M2) grew by 9.09 percent duringJuly – 11 th May 2012, as compared to an increaseof 11.47 percent during the same period last year.The decline in broad money (M2) came from thedecline in both currency in circulation and depositmoney.DepositsDuring July – 11 th May 2012, demand and timedeposits stood at Rs. 402.6 billion as against Rs403.5 billion during the same period last year.Hence the decline in currency in circulation isoffset by the increase in demand and time deposits.Similarly, resident foreign currency deposits(RFCDs) have increased to Rs. 42.0 billion ascompared to Rs. 22.6 billion during the sameperiod last year.Monetary ManagementEfficient monetary management is crucial inproviding a sound and secure financialenvironment that is favorable for the attainment ofboth macroeconomic stability and growth.Moreover, a well-developed financial systemfacilitates the exchange of goods and services by71
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SOCIAL INDICATORS2001-02 2002-03 20
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Special SectionPakistan: Flood Impa
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Pakistan: Flood Impact AssessmentHe
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district roads (including farm-to-m
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System. The main canals are the Pat
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Chapter 2AgricultureThe agriculture
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Agricultureagriculture. Livestock c
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AgricultureTable 2.6: Area, Product
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Agricultureb) Minor Cropsi) Oilseed
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During July-March, 2011-12 about 36
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It is expected about Rs. 30.00 bill
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AgricultureBox-1Credit Disbursement
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AgricultureTable:2.20 Estimated Liv
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AgriculturePoultry Development poli
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Table 8.6: Structure of ImportsPart
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Trade and PaymentsAmendments in Exp
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Chapter 11Health and NutritionAcces
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Health and NutritionHealth Expendit
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achieved in the case of BHUs and 95
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Health and Nutritionglobal initiati
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Health and Nutritiontook necessary
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Chapter 12Population Labour Force a
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Age Composition of PopulationThe ag
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Population, Labour Force and Employ
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Table-12.16: Unemployed - Pakistan
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Chapter 14EnergyEnergy is considere
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EnergyStock Issue• Recovery of re
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Energy14.1 Energy ConsumptionPakist
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Energyto 21.4 percent last year. Th
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Energy14.2-d CoalPakistan has huge
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tariff increases of 6%, 12% and 6%
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Energy14.3-b Petroleum ProductsPetr
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Energybecome a popular domestic fue
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EnergyAlso Laraib Energy Limited (
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EnergyTable 14.14: Oil and Gas Disc
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Energy14.5 Performance of Power Sec
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Energytrend of hydro-thermal energy
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Energy14.5-c Private Power and Infr
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Energy Proposal for undertaking a f
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Chapter 15Social Safety NetsBackgro
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Social Safety NetsBox-1Poverty Alle
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Social Safety NetsTable 15.4: Perce
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Social Safety Netsenterprise develo
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Social Safety Netsdignity of househ
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period of last year. Furthermore, i
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Social Safety Netsand ensure growth
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