Surplus in Current Account Maintained for Fourth Consecutive Month

According to SBP data released Tuesday, Pakistan's current account produced a surplus for the fourth consecutive month in June 2023, totaling $334 million.

The current account balance showed a surplus of $334 million in June, compared to a deficit of $2.32 billion in the same time the previous year, according to figures issued by the State Bank of Pakistan (SBP).

https://twitter.com/StateBank_Pak/status/1681208729939881984?

Beginning in March 2023, this is the fourth consecutive monthly current account surplus.

"On a year-on-year basis, the primary reason for the surplus was a 55% YoY decline in total imports and a 29% YoY decline in exports," brokerage house Arif Habib Limited (AHL) stated in a note. "Moreover, remittances decreased by 22% YoY," it stated.

In a tweet today, Finance Minister Ishaq Dar revealed some current account data and stated, "That's how Pakistan didn't default."

https://twitter.com/MIshaqDar50/status/1681230594104233992?