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Economy.pk

Current Account Surplus for Record 5th Month Straight

byShahzaib
December 22, 2020
in Business, Economy, Main
0
SBP says the Current Account of Pakistan is in surplus for the record 5th month straight
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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,”

1/3 In Nov20, the current account surplus rose further to $447 mn against a deficit of $326 mn in Nov19. So far in FY21, the surplus has reached $1.6 bn compared to a deficit of $1.7 bn over the same period last year. For details, see https://t.co/Od8ikVvpBF pic.twitter.com/D9Ae5h46rN

— SBP (@StateBank_Pak) December 22, 2020

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.

3/3 This turnaround in the current account, together with improvement in financial inflows, raised SBP’s FX reserves by around $1 bn in Nov20. At $13.1 bn, they are now at their highest level in 3 years.

— SBP (@StateBank_Pak) December 22, 2020

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.

MashaAllah despite Covid 19 great news on economy – remarkable turnaround. Current account surplus again in Nov: $447 mn. For fiscal year so far, surplus is $1.6 bn as opposed to deficit of $1.7bn same period last yr. SBP's FX reserves have risen to about $13 bn, highest in 3 yrs

— Imran Khan (@ImranKhanPTI) December 22, 2020
Tags: Current AccountCurrent Account DeficitCurrent Account of PakistanCurrent Account SurplusImran KhanPTI GovernmentSBPState Bank of Pakistan
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