Pakistan’s current account posted a surplus of $128 million in February 2024, in contrast to a revised deficit of $303 million in the previous month, revealed data released by the State Bank of Pakistan (SBP) on Tuesday.
Overall, during the eight months of the ongoing fiscal year, the current account balance stood at a deficit of $1 billion, massively lower than $3.85 billion in the same period of the previous year.
Low economic growth along with high inflation have helped curtail Pakistan’s current account deficit with an increase in exports also helping the cause. A high interest rate and some restrictions on imports have also aided the policymakers’ objective of a narrower current account deficit.
During February 2024, Pakistan’s exports of goods and services stood at $3.18 billion, while imports clocked in at $5.06 billion.
In 8MFY24, the country’s total export of goods and services amounted to over $25.6 billion, but imports also valiantly made their way past $41 billion during the period, according to SBP data.
