AGL38.63▲ 0.81 (0.02%)AIRLINK129.71▼ -3.52 (-0.03%)BOP5.64▲ 0 (0.00%)CNERGY3.86▲ 0.09 (0.02%)DCL8.7▼ -0.16 (-0.02%)DFML41.9▲ 0.96 (0.02%)DGKC88.35▼ -1.34 (-0.01%)FCCL34.93▼ -0.13 (0.00%)FFBL67.02▲ 0.48 (0.01%)FFL10.57▲ 0.44 (0.04%)HUBC108.57▲ 2.01 (0.02%)HUMNL14.66▲ 1.33 (0.10%)KEL4.76▼ -0.09 (-0.02%)KOSM6.95▲ 0.15 (0.02%)MLCF41.68▲ 0.15 (0.00%)NBP59.64▲ 0.99 (0.02%)OGDC183.31▲ 2.67 (0.01%)PAEL26.23▲ 0.61 (0.02%)PIBTL5.95▲ 0.15 (0.03%)PPL147.09▼ -0.68 (0.00%)PRL23.57▲ 0.41 (0.02%)PTC16.5▲ 1.3 (0.09%)SEARL68.42▼ -0.27 (0.00%)TELE7.19▼ -0.04 (-0.01%)TOMCL35.86▼ -0.08 (0.00%)TPLP7.82▲ 0.46 (0.06%)TREET14.17▲ 0.02 (0.00%)TRG50.51▼ -0.24 (0.00%)UNITY26.76▲ 0.31 (0.01%)WTL1.21▲ 0 (0.00%)

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

Share
Tweet
WhatsApp
Share on Linkedin
[tta_listen_btn]

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

 

Related Posts