Pakistan Records Current Account Surplus for the 5th Consecutive Month - Android
Pakistan’s current account maintained a surplus with a handsome value of $1.6 billion in the five months of the current… Read More
The post Pakistan Records Current Account Surplus for the 5th Consecutive Month appeared first on .
Pakistan’s current account maintained a surplus with a handsome value of $1.6 billion in the five months of the current financial year, mainly due to enhanced inflows from remittances and export receipts.
The current account also posted a surplus-value of $326 million for the straight five months of the financial year that added further to the overall surplus-value of the current account in FY21.
ALSO READ
SBP’s Reserves Remain Stable on Weekly Basis
According to the State Bank of Pakistan (SBP), the current account surplus has reached $1.6 billion compared to a deficit of $1.7 billion.
1/3 In Nov20, the current account surplus rose further to $447 mn against a deficit of $326 mn in Nov19. So far in FY21, the surplus has reached $1.6 bn compared to a deficit of $1.7 bn over the same period last year. For details, see https://t.co/Od8ikVvpBF pic.twitter.com/D9Ae5h46rN
— SBP (@StateBank_Pak) December 22, 2020
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities told ProPakistani,
PTI is having a windfall stroke of luck during COVID times. Lesser imports, more formal channel remittances, and a marginal uptick in exports are keeping state coffers filled. Expect these months to continue for the next few months. Confidence is building as PKR stabilizes.
In contrast to the previous five years, the current account has been in surplus throughout FY21 due to an improved trade balance and a sustained increase in remittances. In November 2020, both exports and imports picked up, reflecting a recovery in external demand and domestic economic activity.
The trade deficit of the goods stood at $8.6 billion during the period of July to November 2020 as compared to $8 billion recorded in a similar period of the last year. The trade deficit of services reduced to $3.08 billion from July to November 2020 compared to $3.77 billion recorded in a similar period of the last financial year.
ALSO READ
Roshan Digital Account Record Highest Ever Daily Remittances of $11.2 Million
The overall trade deficit showed a slight declined to $9.53 billion in July to November 2020 from $9.55 recorded in a similar period of the last year.
Remittances, on the other hand, provided strong support to the current account, which surged to $11.7 billion during the five months of the FY21 as compared to $9.2 billion remittances inflows received last year, showing a growth of 27 percent or $2.4 billion.
This turnaround in the current account, together with improvement in financial inflows, raised SBP’s FX reserves by around $1 billion in November 2020, which stand at $13.1 billion, which is the highest level in three years, SBP added.
The improved level of foreign exchange reserves also provides support to the stability of the Rupee against the Dollar, which will further help to contain the import bill of the country in the coming days.
MashaAllah despite Covid 19 great news on economy – remarkable turnaround. Current account surplus again in Nov: $447 mn. For fiscal year so far, surplus is $1.6 bn as opposed to deficit of $1.7bn same period last yr. SBP's FX reserves have risen to about $13 bn, highest in 3 yrs
— Imran Khan (@ImranKhanPTI) December 22, 2020
The post Pakistan Records Current Account Surplus for the 5th Consecutive Month appeared first on .
22/12/2020 06:33 AM
22/12/2020 01:16 PM
22/12/2020 01:15 PM
22/12/2020 11:59 AM
22/12/2020 12:55 PM
22/12/2020 07:10 AM
22/12/2020 12:51 PM
22/12/2020 04:35 PM
2014 © Pakistani apps and news
