Current account posts $153 million surplus in 11 months

Shahnawaz AkhterWeb Editor

25th Jun, 2021. 05:10 pm
Current account

KARACHI: The current account of the country posted a surplus of $153 million during the 11 months (July-May) of the current fiscal year, compared with a deficit of $4.33 billion in the corresponding months of the last fiscal year, according to official data released by the central bank on Friday.

The balance of payment showed a current account deficit of $632 million in May 2021, compared with a surplus of $329 million in the same month of the last year.

The balance of trade and services posted a deficit of $25.64 billion during the first 11 months of the current fiscal year, compared with the deficit of $22.17 billion in the same months of the last fiscal year, it showed.

The balance of primary income also posted a deficit of $4.35 billion during the period under review, which was contracted from a deficit of $4.83 billion in the same period of the last fiscal year.

The inflows of workers remittances supported the balance payment to keep the current account surplus during the first 11 months of the current fiscal year.

The data showed the country received record remittances of $26.737 billion during July-May 2020/21, compared with $20.658 billion in the corresponding months of the last fiscal year.

The current account deficit in May 2021 may be attributed to a fall in exports, long Eid holidays and partial lockdown. Another factor was the moderate rise in remittances.

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