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).
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.”
