Pakistan’s current account deficit reaches $1bn in March

KARACHI (PEN) – Pakistan’s current account deficit was recorded at $1.03 billion in March 2022, compared to $369 million recorded in the same period of the previous year, showed data released by the State Bank of Pakistan (SBP) .

According to the updated figures of the central bank, current account deficit stood at $519 million in February 2022. Hence, the current account deficit for March 2022 is 98% higher on a monthly basis.

However, 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.

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.