KARACHI: Pakistan’s current account deficit reached $1.03 billion in March 2022, compared to $369 million recorded in the same period of the previous year, the data released by the State Bank of Pakistan (SBP) showed on Saturday.
The SBP said a “turnaround in the current account” has continued as a deficit of $1 billion is lower than the average during FY22.
“Despite high global commodity prices, the turnaround in the current account continues, with a deficit of $1bn in Mar, $500mn lower than the average during FY22,” tweeted the SBP.
Despite high global commodity prices, the turnaround in the current account continues, with a deficit of $1bn in Mar, $500mn lower than the average during FY22. Moreover, the non-oil balance remained in surplus for the 2nd consecutive month. https://t.co/Od8ikVvpBF pic.twitter.com/bQCNHQjOSz
— SBP (@StateBank_Pak) April 23, 2022
In March, Pakistan’s import bill continued to surge as the import of goods increased to $6.244 billion, up from $5.143 billion in February.
On the other hand, Pakistan’s exports of goods during the month of March stood at $3.072 billion.
Meanwhile, cumulatively, during the nine-month period of the ongoing fiscal year (July-March of FY22), the current account deficit stood at $13.17 billion compared to a deficit of only $275 million during the same nine months of the previous fiscal year (FY21), showed SBP data. The import bill for the first 9 months of the current fiscal year stood at $53.79 billion, while exports at $23.69 billion.
Meanwhile, remittances during March 2022 stood at $2.81 billion, up by 3% YoY and 28% MoM.
As the country struggles to increase its foreign exchange reserves, the government has set eyes on a successful revival of the $6-billion International Monetary Fund’s (IMF) Extended Fund Facility (EFF), which would pave way for an inflow of at least a billion dollars.
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