Current Account of the Islamic Republic of Pakistan has yet again observed a record surplus for the 5th consecutive month in November. The surplus is at $447Mn against the deficit of $326Mn during the same time period last year. Data released by the State Bank of Pakistan on Tuesday explained the current situation through Twitter and exclaimed in their official tweet that, “In contrast to the previous five years, the current account has been in surplus throughout FY21 due to an improved trade balance and a sustained increase in remittances,”
As of the summary, on account of cumulative basis, the total surplus of the current account during the period of July to November rose to $1.64Bn against the deficit of $1.745Bn last year. Since the travel restrictions were imposed due to COVID the proper flow of money through legal channels was appreciated and an increase of 27% was observed in the remittances.
Furthermore, SBP – State Bank of Pakistan commented “This turnaround in the current account, together with an improvement in financial inflows, raised SBP’s foreign exchange reserves by around $1bn in November 2020. At $13.1bn, they are now at their highest level in 3 years.”
To add in the equation the Prime Minister of Pakistan Mr Imran Khan tweeted, “despite Covid-19, Pakistan’s economy has witnessed a remarkable turnaround”, showing his concern about the economy of Pakistan and the progress is made.
