As a result of the tight monetary and fiscal policy and stringent administrative measures taken by the caretaker government, Pakistan’s current account has gone into surplus for the first time in six months.
The spokesman for the State Bank of Pakistan said the national income was higher than the expenditure.
The current account deficit has decreased by 64% on an annual basis, providing some much-needed relief for Pakistan’s economy.
Current Account Deficit improved significantly to $1.16 billion in Jul-Nov FY24, from $3.26 billion in Jul-Nov FY23.https://t.co/q3LNv3HOB0https://t.co/Od8ikVvXrd#SBPBOP pic.twitter.com/MpkC0gTj4l
— SBP (@StateBank_Pak) December 18, 2023
In November, the country's current account was in surplus of $9 million, as per the State Bank. In October, the figure was in a deficit of $184 million.
For the first time in six months, #Pakistan records a current account surplus.
— SAMAA TV (@SAMAATV) December 19, 2023
With a 64% reduction in the current account deficit in FY2024's initial five months, policies are showing promise.
July-Nov 2024 sees the deficit drop to $1.16B from $3.3B last year. #SamaaTV pic.twitter.com/f55rDjtAuX
In the first five months of the ongoing financial year, the current account deficit was $1.16 billion.
The same statistics show that in the first five months of the previous financial year, there was a deficit of $3.26 billion.
Exports and remittances also improved significantly last month, as a 12% increase in exports and 4% in remittances was recorded.
After this, Pakistan's exports increased to $3.36 billion and remittances to $2.25 billion. In November, the country’s imports dropped by 6% to $5.3 billion.
