Tag: current account deficit

Karachi, October 19, 2023 – Pakistan has reported a substantial contraction in its current account deficit (CAD), with a remarkable 58 percent reduction during the first quarter of fiscal year 2023-24.

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Karachi, September 14, 2023 – Pakistan’s current account deficit (CAD) has seen a substantial reduction of 54 percent during the first two months of the fiscal year 2023-24, according to data from the State Bank of Pakistan (SBP).

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Karachi, August 18, 2023 – Pakistan’s current account deficit has shown a remarkable reduction of 36 percent in July 2023, as unveiled by data released by the State Bank of Pakistan (SBP) on Friday.

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Karachi, July 18, 2023 – Pakistan has made significant progress in reducing its current account deficit, which stood at $2.56 billion for the fiscal year 2022-23. This represents a substantial 85% decrease compared to the previous fiscal year.

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KARACHI: Pakistan’s current account deficit witnessed a significant reduction of 81 percent during the first eleven months (July – May) of the fiscal year 2022-23, compared to the same period in the previous fiscal year.

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Pakistan’s current account deficit has witnessed a significant reduction of 76 percent during the first ten months of the current fiscal year 2022-2023, according to the State Bank of Pakistan (SBP).

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KARACHI: Pakistan’s current account deficit narrowed by 313 per cent during first eight months (July – February) 2022/2023, official data revealed on Monday.

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KARACHI: State Bank of Pakistan (SBP) on Wednesday said that current account deficit has contracted by 60 per cent to $3.66 billion in first half (July – December) of fiscal year 2022-2023.

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KARACHI: Pakistan’s current account deficit has narrowed to $3.1 billion during first five months (July – November) of fiscal year 2022-2023, according to data released by the State Bank of Pakistan (SBP) on Friday.

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Current Account Deficit (CAD) of Pakistan narrowed by 47 per cent in first four months (July – October) of fiscal year 2022-2023 (4MFY23), according to Balance of Payment (BoP) details released by State Bank of Pakistan (SBP) on Monday.

The CAD contracted to $2.82 billion during first four months of the current fiscal year as compared with the deficit of $5.31 billion in the corresponding months of the last fiscal year.

READ MORE: Current account deficit declines by 37% to $2.21 billion in first quarter

Contraction in current account deficit may be attributed in significant fall in import bill of the country, which resulted in narrowing the trade deficit.

The import bill of the country fell by 16 per cent to $21.09 billion during first four months of the current fiscal year as compared with $25.08 billion in the same period of the last fiscal year.

READ MORE: Pakistan current account deficit narrows by 19% in July – August

On the other hand exports recorded a nominal growth of one per cent to $9.56 billion during the period under review as compared with $9.46 billion in the same period of the last fiscal year.

This resulted in contraction of trade deficit by 26 per cent to $11.53 billion during July – October 2022 when compared with $15.62 billion in the same period of the last fiscal year.

READ MORE: Pakistan current account deficit widens by 42% in July 2022

However, inflows of remittances declined by 8.6 per cent to $9.9 billion during first four months of the current fiscal year. The inflow of remittances has been recorded at $9.9 billion during July – October of current fiscal year 2022/2023 as compared with $10.83 billion in the corresponding period of the last fiscal year.

READ MORE: Pakistan’s FY22 current account deficit widens to $17.41 bn

The current account deficit in the month of October 2022 recorded at $547 million, which is widened compared with the deficit of $363 in September 2022. However, it was narrowed with compared with $1.78 billion in October 2021.

The CAD sharply widened to $17.41 billion in the fiscal year 2021/2022 from $2.82 billion in fiscal year 2020/2021.