For the first seven months of the fiscal year 2020-21, the current account surplus is $912 million, said the SBP.
current account deficit
Pakistan’s current account has turned into a surplus of $13 million in May.
The report notes that the global and domestic spread of COVID-19 has brought an exceptional set of challenges for the country.
'An increase in State Bank of Pakistan's reserves by "$1.8B & reduction of $3B in FX swaps/forward liabilities increased FX buffer by $4.8B," providing further stability to external account'
Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh on Monday claimed that the current account deficit shrieked by a massive 63.1 per cent in the first quarter of current fiscal year.
The exports also saw an increase of nearly 3pc and were recorded at $5.52 billion in the first three months of the ongoing fiscal year.
The CAD was recorded at 2.8 per cent of GDP
He said, "We need better security for the improvement in our economy besides working with coordination by all segments.