Pakistan’s CAD narrows over 80pc to $2.9bn in 11MFY23: SBP
- By web desk -
- Jun 20, 2023
KARACHI: Pakistan’s current account deficit (CAD) fell to $2.94 billion in the 11 months of the current FY2022-2023, the State Bank of Pakistan (SBP) said on Tuesday.
According to SBP data, the country’s CAD – the difference between the country’s higher foreign expenditures and low income – stood at $15.16 billion during the same period of last fiscal year.
Current Account Balance recorded a surplus of US$ 255 million during May 2023 compared to US$ 78 million in April 2023.https://t.co/q3LNv3HOB0https://t.co/Od8ikVvXrd#SBPBOP pic.twitter.com/m8YRpsPCES
— SBP (@StateBank_Pak) June 19, 2023
The federal government slashed imports in a bid to avert an external payments crisis. In May the CAD remained surplus with $255 million, the SBP said.
Amid SBP restrictions imports of goods dipped to $48.9bn during the first 11 months of FY23 compared to $64.339bn in the corresponding period last year.
The State Bank of Pakistan received $24.83 billion in foreign remittances from overseas Pakistanis in FY23.