The country’s current account posted a surplus of $255 million in May 2023, significantly higher than the surplus of $18 million (revised to $78 million) posted in April 2023.
According to data released by the State Bank of Pakistan (SBP), cumulatively the current account deficit (CAD) reduced to $2.943 billion in July-May FY23 against a deficit of $15.160 billion in July-May FY22.
Current Account Balance recorded a surplus of US$ 255 million during May 2023 compared to US$ 78 million in April 2023.https://t.co/q3LNv3HOB0https://t.co/Od8ikVvXrd#SBPBOP pic.twitter.com/m8YRpsPCES
— SBP (@StateBank_Pak) June 19, 2023
This is the third consecutive month that the current account posted a surplus, the country has achieved the surplus after a host of import restriction measures.
In March, the country’s current account posted a surplus for the first time since November 2020. During FY22, Pakistan’s current account deficit stood at $17.481 billion.
The current account balance is the difference between the government’s foreign income and expenditure, to put it simply a current account deficit occurs when the government’s foreign income is less than expenditure while a current account surplus occurs when foreign income exceeds expenditure.
Stay Connected with ProPakistani
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
