Current account deficit slumps by 64% in five months

Pakistan’s current account posted a surplus for the first time in six months of the current fiscal year owing to tight monetary policy and administrative measures taken by the federal government, reported 24NewsHD TV channel.

The current account deficit declined by 64 percent or $2 billion in the July to November period of fiscal year 2023-24 and was recorded at $1.160 billion during first five months (July to November) of the current fiscal year as against the deficit of $3.3 billion in the same period of the last financial year.

Country’s current account posted a $9 million surplus in November 2023 after a gap of four months. A significant increase in the country’s exports and remittances was recorded in November 2023. The country’s exports surged to $3.36 billion in November 2023, reflecting over 12 percent jump. On the other hand, remittances stood at $2.25 billion in November 2023, in comparison to remittances in the same month last year, an increase of 4 percent. Meanwhile, total imports fell by 6 percent to $5.29 billion in November 2023 against the imports of same period last year.

Reporter: Ahmed Mansoor