Country's current account posted surplus of $424 million in July: PM Imran Khan

ISLAMABAD: Prime Minister Imran Khan took to Twitter on Monday to share latest data on the country’s current account balance saying it posted a surplus of $424 million in July 2020.    

“MashaAllah Pakistan’s economy is on the right track. After current account balance posted deficit of $613 mn in July 2019 & a deficit of $100 mn in June 2020, in July 2020 current account balance swung upwards to a surplus of $424 mn,” he tweeted.

“This strong turnaround is a result of continuing recovery in exports, which rose 20 % compared to June 2020, & record remittances.”

This strong turnaround is a result of continuing recovery in exports, which rose 20 % compared to June 2020, & record remittances.

— Imran Khan (@ImranKhanPTI) August 24, 2020

Separately, the State Bank of Pakistan (SBP) in a Twitter statement confirmed Pakistan’s current account balance swung into a surplus of $424 million in July 2020 after posting a deficit of $100 million in June.

“This is the fourth monthly surplus since last October, and a significant improvement on the deficit of $613 mn in the same month last year,” the central bank said, adding: “strong turnaround is due to a continued recovery in exports and record-high remittances, with support from several policy and administrative initiatives by SBP and government. Exports sustained strong recovery, with m/m growth of further 19.7% in July on top of 25.5% in June.”