Pakistan records current account surplus of $397m in December 2023: SBP

The State Bank of Pakistan has reported an improvement in its current account balance from July to December of the current fiscal year, ARY News reported on Wednesday.

According to the details, the latest figures revealed an improvement in the current account deficit with a loss recorded at $83.1 million during the period of July-Dec FY24, meanwhile $3.62 billion of loss was recorded in the current account balance during the period of July-Dec FY23.

Current account surplus of $0.40 billion has been recorded in Dec 2023. Cumulatively, current account deficit improved significantly to $0.83 billion in H1FY24 compared to 3.63 billion in H1 FY23.https://t.co/q3LNv3HOB0https://t.co/Od8ikVvXrd#SBPBOP pic.twitter.com/GWaRBApMoC

— SBP (@StateBank_Pak) January 17, 2024

This positive trend is a testament to the efforts and strategies implemented by the bank to stabilize its financial standing.

READ: Current account deficit down by 61pc in October

The current account balance for December 2023 reflected a surplus of $39.7 million compared to the figures recorded a loss of $36.5 million in December 2022.

November 2023 saw a temporary setback, with a current account deficit of $1.5 million.

However, the overall trend indicates a positive trajectory in the State Bank’s financial performance.