According to the State Bank of Pakistan, the country’s current account deficit has significantly reduced by 78% in the fiscal year 2020.
State Bank of Pakistan, in its issued statement said the current account deficit stood at 1.1% of GDP in FY20, At the end of fiscal year 2020, the current account deficit stood at 2.66 billion.
According to the SBP, the current account deficit at the end of fiscal year 2019 was 13.43 billion, a record 4.8 percent of GDP.
By the end of fiscal year 2020, goods worth 22.5 billion were exported and imports were worth 42.41 billion.
At the end of fiscal year 2020, remittances were recorded at 23.12 billion, while exports at the end of fiscal year 2019 were 24.25 billion.
At the end of fiscal year 2019, goods worth 51.86 billion were imported.
It may be recalled that last week, the State Bank of Pakistan had stated that a record level of remittances was received in June this year.
According to a statement issued by the SBP, remittances increased significantly by 50.7% during June.
Remittances of 1,636.4 million were received in June 2019, according to a SBP statement.
Remittances reached a record high of 23,120.7 million this year.
According to a central bank statement, remittances increased by 6.4 percent this year compared to last year.
From March to June 2020, remittances increased by 7.8% over the previous fiscal year.