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).

Current Account recorded a surplus of $334 million in Jun 2023.https://t.co/Od8ikVvXrd #SBPBOP pic.twitter.com/llVGIKiKNa
— SBP (@StateBank_Pak) July 18, 2023

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.”

Current Account Surplus (CAS) for June2023 closed @ $ 334 million against Current account Deficit (CAD) of
$ 2,321 million in June2022

CAD for FY23 closed @
$ 2.56 billion, which is 14.65% of CAD of US$ 17.48 billion for FY22.

That’s how Pakistan didn’t default! AlhamdoLilah
— Ishaq Dar (@MIshaqDar50) July 18, 2023