Current Account Posts $773 Million Surplus in 10M FY21
Karachi: Although the country’s current account (C/A) has been in deficit every month since December 2020, it was still in surplus for the first ten months of 2020–21, totaling $773 million, thanks to increased remittances and exports.
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According to the most recent statistics released by the State Bank of Pakistan (SBP) on Tuesday, the current account deficit (CAD) decreased by over 61% to $200 million in April from $510 million in the same month previous year.
However, the government’s financial condition has altered as a result of the $773 million surplus during 10MFY21. The government had been fighting to lower the highest-ever CAD of $20 billion in FY18.
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After a gap of 17 years, the country has reported a current account surplus this fiscal year, according to the SBP, which would aid in the economy’s recovery from the severe pressure of persistent deficits.
On May 7, the nation’s foreign exchange reserves reached a four-year high of $22.9 billion. The increased imports had insufficient of an effect to cause a deficit in the current account.
The CAD began to fall after December 2020. It was $652 million in December, $652 million in January, $50 million in February, $33 million in March, and $200 million in April.
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