Current account deficit narrows by 73 percent to $579 million in July

KARACHI: The current account deficit has narrowed by 73 percent to $579 million in July 2019 as compared with the deficit of $2.13 billion in the same month of the last year, according to statistics of Balance of Payment (BoP) released by State Bank of Pakistan (SBP) on Tuesday.

The SBP said that the deficit of goods trade reduced to $1.84 billion in July 2019 as compared with the deficit of $3.48 billion in the comparative month of the last year.

The inflows of home remittances increased to $2.28 billion in July 2019 as compared with $1.98 billion in the same month of the last year.

Analysts said that reduced current account deficit would bode well for the country.

The current account deficit was reached to $19.897 billion in fiscal year 2017/2018. However, the current account deficit reduced to $13.5 billion in the fiscal year 2018/2019.