Finance Minister Muhammad Aurangzeb on Wednesday called the current account surplus after a decade an encouraging development and expressed optimism over remittances reaching $35 billion.
Speaking during the Economic Coordination Committee of the Cabinet in Islamabad, Aurangzeb emphasised the continued journey of economic stability. He criticised middlemen for not reducing the prices of essential goods despite a decline in inflation.
Aurangzeb underlined a paradox in the prices of commodities like chicken, gram, and mash lentils, which dropped globally but surged in the domestic market. He attributed this discrepancy to profiteering and blamed middlemen for failing to pass on the benefits of lower global prices to the public.
The finance minister stated that November witnessed a surplus in the current account deficit for the first time in ten years, with remittances increasing by 35 per cent. The finance minister highlighted that Roshan Digital Accounts have now reached $9 billion, indicating growing confidence in the economy.
Aurangzeb also pointed out a reduction in the KIBOR rate to below 12%, which he said was boosting business confidence.
