Current account surplus for fourth month in row at $382m

ISLAMABAD: The country’s current account balance remained in surplus for the fourth month in a row at $382 million in October 2020 as compared to $59 million in September.

Minister for Planning and Development Asad Umar tweeted: “This is the 4th month of current account surplus.” He said the current account surplus was recorded at $1.2 billion during the July-October period.

Also Read: Country’s foreign currency reserves hit 21-month high

He said: “We inherited the biggest current account deficit in history with monthly current account deficits of $2 billion when govt was formed!”

382 million $ current account surplus in Oct. This is the 4th month of current account surplus. Cumulative surplus jul to oct is $ 1.2 billion. We inherited the biggest current account deficit in history with monthly current account deficits of $2 billion when govt was formed!

— Asad Umar (@Asad_Umar) November 19, 2020

Pakistan’s current account balance was recorded at $73 million in September 2020, hitting a 17-year high surplus in the July-September quarter.

Also Read: Pakistan’s trade deficit shrinks by 7.41% in October

“Great news for Pakistan. We are headed in the right direction finally. The current account was in surplus of $73 million during September, bringing surplus for the first quarter to $792 million compared to a deficit of $1,492 million during the same time last year. Exports grew 29% and remittances grew 9% over the previous month (August),” PM Imran Khan had stated in a tweet.