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Pakistan posts massive current account surplus for the first time in two years

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ISLAMABAD – In a major economic development, cash-strapped Pakistan posted a current account surplus for the first time in two years, data released by the central bank showed on Wednesday.

According to the State Bank of Pakistan, the current account posted a soaring surplus of $654 million last month — March 2023 — against a revised deficit of $36 million in February 2023.

In a statement, State Bank said “Cumulatively, the current account deficit reduced to $3.4 billion in July-March FY23 against a deficit of $13 billion in July-March FY22”. The fifth most populous nation posted the current account surplus for the first time since November 2020.

Finance czar Ishaq Dar also shared latest figures in a social media post.

 

Experts claimed that the surplus stemmed from a decline in imports. Amid severe restrictions on imports, Pakistan posted a surplus that was also in line with the expectations of foreign experts.

The recent development comes as remittances soared by $500 million in March on a Y-O-Y basis while trade remained restricted. Meanwhile, the surplus is unmanageable in the long run as the country of over 220 million is an import-oriented nation.

Pakistan’s fiscal deficit nears Rs1 trillion in first quarter of FY23

 

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