Pakistan’s Current Account Deficit hits $1.43B in May 2022

SBP monitoring foreign exchange

Karachi: Pakistan’s Current Account Deficit (CAD) reached $1.43 billion in May 2022, the State Bank of Pakistan (SBP) reported on Tuesday.

According to the report published on the official site of the SBP, the deficit recorded in May 2022 stood at $1.43 billion compared to the deficit of $618 million in April 2022.

In a tweet, the central bank mentioned that while overall imports fell compared to April, a decline in remittances and exports on account of Eid holidays contributed to this rise.

“Moreover, excluding in kind imports that are fully financed and thus do not undermine sustainability of the CAD, the deficit was more modest at $1bn.”

However, compared to the same period of the previous fiscal year, the ongoing FY show a major difference in the CAD. According to the report, during the eleven months of the current fiscal year (July-May of FY 2022), the current account deficit stood at $15.2 billion, while only $1.183 billion deficit was recorded during the same period of the previous fiscal year (FY21).

Read: Current account deficit falls to $625 million in April

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