Pakistan records current account surplus of $2.1 billion for the fiscal year
The State Bank of Pakistan (SBP)
announced on Friday that the country recorded a current account surplus of $2.1
billion for the fiscal year—marking a significant turnaround from a $2.1
billion deficit recorded in the previous year.
Despite posting a current account
deficit of $103 million in May—due to a widening trade gap and rising external
debt payments—the full-year figure reflected a remarkable recovery, with a $328
million surplus in June alone, according to SBP data.
Khurram Schehzad, Adviser to the
Finance Minister, highlighted the development on X (formerly Twitter), calling
it the highest current account surplus in 22 years. “The current account
closed FY25 with a surplus of over $2.1bn,” he wrote.
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records current account surplus of $397 million in December 2023
Schehzad also noted a sharp increase
in remittances, which surged 27% year-on-year to reach a record $38 billion.
Textile exports rose by 7.4% to $17.9 billion, while IT and IT-enabled services
exports saw a remarkable 44% increase to $4.6 billion.
In another key milestone, the
Pakistan Stock Exchange’s benchmark KSE-100 index surpassed 140,000 points,
taking the market's total value to approximately Rs16.8 trillion (nearly $60
billion).
Reacting to the positive economic
indicators, Prime Minister Shehbaz Sharif welcomed the current account surplus
and praised the government’s financial reforms. “Foreign exchange reserves
have crossed $19 billion due to our measures,” he said in a statement from
the PM Office.
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records historic $1.2 billion current account surplus on increasing remittances
He attributed the economic stability
to rising exports and remittances, stating: “These improved indicators
reflect that Pakistan’s economy is on the right track.” The premier
reaffirmed the government’s commitment to fostering a business- and
investment-friendly climate across the country.
Source: Dawn