KARACHI: Pakistan has registered a current account surplus for the second straight month, the central bank said in a statement issued Wednesday, on account of remittances sent in by the expatriates as well as cheaper imports.
In its statement, the State Bank of Pakistan (SBP) said the Current Account Balance (CAB) surplus “amounted to $508 mn and $297 mn during July and August 2020”, respectively.
In addition, the cumulative current account surplus came in at $0.805 billion in the July-August 2021 period, as opposed to a deficit worth $1.2 billion in the comparable time frame, last year, the SBP said on Twitter.
“Efforts to attract workers’ remittances, flexible exchange rate and relatively benign import prices explain the improving current account balance,” it added.
Earlier this month, Prime Minister Imran Khan had said the remittances sent back home by overseas Pakistanis in August 2020 continued on an uptrend from July’s record figure of $2.77 billion, totally $2.10 billion and translating into a 24.4% rise as compared to the same period, last year.
This was “in addition to the record $2,768 million in July 2020”, PM Imran said on Twitter.
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