Current account deficit reaches $464m in 11 Months: SBP

SBP data shows current account deficit for first 11 months of this fiscal year was much lower than last year's $3.76b

The current account deficit for the first eleven months of this fiscal year stood at $464 million, according to the State Bank of Pakistan (SBP).

The SBP's recently released data indicates that the current account deficit for the initial eleven months of this fiscal year was significantly lower compared to the same period last year, which saw a deficit of $3.76 billion.

In May 2024 alone, the current account recorded a deficit of $270 million.

Read also: Current account surplus hits 13-month high

This was a notable change from April 2024, when the current account posted a surplus of $499 million.

Low economic growth and high inflation have contributed to curbing Pakistan's current account deficit. The increase in exports and remittances has further supported this effort.

Additionally, a high interest rate and certain import restrictions have aided policymakers in achieving a narrower current account deficit.