ISLAMABAD – PTI government achieves a huge economic success in FY 2019-20with the drastic reduction in the current account deficit and the tradedeficit, saving billions of dollars for Pakistan economy.
State Bank of Pakistan has revealed that current account deficit in FY2019-20 has now been halved in the first two months of the new fiscal yearas compared to the corresponding period last year.
The CAD – for the two month period – reduced by $1.56bn to $1.29 billionfrom $2.85bn during the same period last year.
This was in line with the downward trend witnessed throughout 2018-19 whenthe deficit stood lower by 31pc to $13.58bn, from $19.8bn in FY18 –recording a decrease of $6.3bn. The major reason of the shrink is thedecline in the trade deficit.
In total, the trade deficit for the two months of the current fiscal yearstood at $3.815bn as compared to $6.118bn during the corresponding periodlast fiscal year.
Read Top Stories
Mr Baqir mentioned that only the interest rate could curb rising inflationrate, and in future, the decision on interest rate would be taken inaccordance with the inflation rate in the state.
He further stated that the savings rate in Pakistan was lowest as comparedto the peers and the savings rate should be increased
