KARACHI: The Balance of Payment (BOP) of the country has posted $1.64 billion as current account surplus during the first five months of the current fiscal year, according to data released by State Bank of Pakistan (SBP) on Tuesday.
The BOP of the country posted a current account deficit of $1.74 billion in the same months of the last fiscal year.
The surplus in current account is mainly attributed to strong growth in inflows of workers remittances and export receipts.
During the first five months of FY21, workers’ remittances have reached an unprecedented level of US$ 11.77 billion, 26.9 percent higher than the same period last year. On average, workers’ remittances have been about half a billion (US$ 499 million) higher in each month of FY21 as compared to the same period last year.
On the other hand the exports registered 2.21 percent growth to $9.74 billion during July – November of the current fiscal year as compared with $9.535 billion in the corresponding period of the last fiscal year.
The current account posted a surplus of $447 million in November 2020 as compared with a surplus of $415 million October 2020 and a deficit of $326 million in November 2019.