SBP records 22.56pct fall in current account deficit in eight months

ISLAMABAD: The State Bank of Pakistan (SBP) has recorded prominent 22.56 percent decline in current account deficit of the country in last eight months, ARY News reported.

The central bank said the current account deficit stood at 8.84 billion dollar in last eight months of the following financial year.

Last year during this time period, the current account deficit was 11.42 billion dollar.

The SBP said services deficit reduced by 36 percent to 2,300,000,000 dollars ($2.30 bn).

Foreign exchange reserves have mounted by 11 percent, it said adding that in last eight months 14 billion dollars remittances were sent to Pakistan.

Read More: Current account deficit for January falls by 54 pc: Asad Umar

In February, current account deficit stood at 356 billion dollar with 59 percent current account deficit.

In current financial year, exports worth 15.97 billion dollar were recorded in eight months, while imports stood at $35.25 bn.

In February 2019, exports worth $1.86 bn were recorded, while imports stood at $3.51 bn in this month.

On February 21, Finance Minister Asad Umar had said that Pakistan’s current account deficit for January downed by 54 percent as compare to the same month in previous year.

Asad Umar had said that the current account deficit for July to January downed $1.7bn versus same period in the last year.

He had said that decisive actions taken by the Tehreek-e-Insaf (PTI) led government to rescue an economy inherited on the verge of default showing visible positive results.