KARACHI – Pakistan’s current account posted a surplus for the third consecutive month in May with experts linking the development to limited imports.
The cash-strapped nation achieved a current account surplus which stood at $255 million. Data shared by the State Bank of Pakistan (SBP) showed South Asian nation posted a surplus of $255 million this month, compared to $78 million in April 2023.
The current account deficit from July 2022 to May 2023 contracted by 80.5pc to $2.94 billion, the data shared by the central bank revealed.
The huge changes come in the deficit as the Sharif-led government tightened imports owing in the wake of depleting foreign exchange reserves, which stand at around $4 billion.
On the other hand, the stern policy about imports forced industries to shut down partially or even completely, and the growth plunged to merely 0.3pc in the ongoing Fiscal Year compared to 6.1pc in the previous fiscal year.
