*KARACHI: *The current account deficit (CAD) narrowed down 22.5% to $8.84billion in the first eight months (July-February) of current fiscal year2019, reported the State Bank of Pakistan (SBP) on Friday.
The much-needed drop in the deficit became possible mainly due to a notablesurge in workers’ remittance inflows and a significant contraction in theoutflow on account of services imports during the period under review.
The overseas Pakistani workers’ remittances increased 12% to $14.35 billionin the eight months due to increased efforts to receive the inflows throughproper banking channels.
“The growth in remittances inflow is in line with SBP’s projections and thegovernment’s efforts to receive the inflow through proper legal channels,”a senior analyst sais.
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Remittances stood at $12.83 billion in the same period last year, thecentral bank reported.
