Pakistan's current account improves in
December 2023
The State Bank of Pakistan announced on Wednesday that the country recorded a current account surplus of $397 million in December 2023. This positive shift marks an improvement in the current account balance from July to December of the current fiscal year.
The figures show a noteworthy
reduction in the current account deficit, with a loss of $83.1 million recorded
during the period of July to December of FY24. In comparison, a loss of $3.62
billion was reported in the current account balance during the same period of
FY23.
Approximately $1 billion deposited in banks following crackdown
The positive trend is attributed to the concerted efforts
and strategic measures implemented by the State Bank of Pakistan to stabilize
its financial position. Specifically, the current account balance for December
2023 reflected a surplus of $39.7 million, a significant improvement compared
to the previous year when a loss of $36.5 million was recorded in December
2022.
While there was a temporary setback in November 2023, with a current account deficit of $1.5 million, the overall trajectory indicates a positive trend in the State Bank's financial performance.
Source: Profit Pakistan