Improvement: Current account posts $189m deficit

KARACHI: Current account posted a deficit of $189 million in July to August 2011-12 against a deficit of $1,016 million in the corresponding period last year, according to an IGI Securities research note. Exports continued their strong growth of 18 per cent to $2.1 billion in August on a yearly basis, helping to narrow the trade deficit, adds the note. On the other hand, imports rose by 20.5% YoY to $3.5 billion, an increase of 11%. Ramazan was a key factor which caused an increase in remittances as expatriates sent more money than usual due to Eid and Zakat factor, says the note. Remittances were above the $1.3 billion mark in August, an increase of 39% YoY.

Published in The Express Tribune, September 20^th,  2011.