ISLAMABAD – The current account remained in surplus with $654 million during March 2023 for the first time in over two years due to import restricts and surge in remittance ahead of Eidul Fitr.
The data released by the State Bank of Pakistan showed that the current account posted surplus for the first time since November 2020.
Finance Minister Ishaq Dar also shared the development on Twitter as the South Asian country is scrambling to restore the loan programme with the International Monetary Fund (IMF).
Latest Update:
Current Account Surplus (CAS) of $654 million recorded for March 2023
In February 2023 it was Current Account Deficit (CAD) of $36 million
Cumulative Numbers:
CAD stands at $3.4 billion for July-March FY23 against CAD of $13.0 billion for July-March FY22.— Ishaq Dar (@MIshaqDar50) April 19, 2023
He said the current account deficit (CAD) was stood at $36 million February 2023.
However, the cumulative situation has painted bleak picture of the national economy as it showed that the current account deficit widened by 74.1 per cent during first nine months (July-March) of the running fiscal year 2022-23.
The Minister said “CAD stands at 3.4 billion dollars July-March for fiscal year 2023 against CAD of 13.0 billion dollars for July-March FY22”.
IMF seeks necessary financing assurance from Pakistan before striking deal
