Current account deficit hits $1.4bn in May: SBP

KARACHI: Pakistan’s current account deficit (CAD) widened to $1.4 billion in May 2022, according to data released by the State Bank of Pakistan (SBP) on Tuesday.

“The current account deficit (CAD) rose to $1.4bn in May. While overall imports fell compared to April, a decline in remittances and exports on account of Eid holidays contributed to this rise,” the statement read.

“Moreover, excluding in kind imports that are fully financed and thus do not undermine sustainability of the CAD, the deficit was more modest at $1bn,” it added.

1/2 The current account deficit (CAD) rose to $1.4bn in May. While overall imports fell compared to April, a decline in remittances and exports on account of Eid holidays contributed to this rise. pic.twitter.com/pZcZpcZ1op

— SBP (@StateBank_Pak) June 28, 2022

Separately today, the Federal Bureau of Revenue (FBR) said that it collected a tax of Rs 6 trillion in the fiscal year 2021-22, exceeding the target of Rs5.8 trillion.

According to details, a total of Rs 6 trillion in tax was collected in the fiscal year 2021-22, an FBR spokesperson said.

Rs2.2 trillion was collected in income tax, while an amount of Rs2.7 trillion was collected as sales tax in 2021-22.

FBR spokesperson told that a total of Rs1,007 billion were collected in customs duty in 2021-22. While the FBR issued an amount of Rs305 billion in refunds.