P.M. Khan hails development as ‘remarkable’ turnaround of country’s economy
Pakistan’s current account posted a surplus for a fifth consecutive month in November, reaching $47 million compared to a deficit of $326 million a year ago, according to data released by the State Bank of Pakistan on Tuesday.
“So far in fiscal year 2020-21, the surplus has reached $1.6 billion compared to a deficit of $1.7 billion over the same period last year,” it said in a posting on Twitter. “In contrast to previous 5 years, current account has been in surplus throughout FY21 due to an improved trade balance and a sustained increase in remittances. In November 2020, both exports and imports picked up, reflecting recovery in external demand and domestic economic activity,” it added.
The central bank has credited a boost in remittances during the past five months for the current account surplus, noting that there was a 27 percent jump–$11.77 billion—in this time period compared to a year earlier. “This turnaround in the current account, together with an improvement in financial inflows, raised SBP’s foreign exchange reserves by around $1 billion in November 2020. At $13.1bn, they are now at their highest level in 3 years,” it added.
The prime minister hailed the development in a posting on Twitter, noting that the economic “turnaround” had occurred despite the COVID-19 pandemic sweeping the globe. “MashaAllah despite COVID-19 great news on economy—remarkable turnaround,” he said.