Karachi: The State Bank of Pakistan (SBP) in its latest report has revealedthat the country’s Current Account Balance (CAB) turned into a surplus forthe second consecutive month.
Taking to twitter, the central bank said that the country current accountsurplus rose to $508 million and $297 million in July and August 2020,respectively.
The central bank said the current account remained in a due to “animpressive growth in workers’ remittances and lower import payment.”
“Current Account Balance (CAB) turned into a surplus for the secondconsecutive month in August 2020 led by an impressive growth in workers’remittances and lower import payment. CAB surplus amounted to $508 mn and$297 mn during July and August 2020:linklink,” SBP tweeted.
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The SBP added that the efforts to attract workers’ remittances, flexibleexchange rate and relatively benign import prices explain the improvingcurrent account balance.
“Cumulatively CAB reached a surplus of $805 mn during Jul-Aug FY21 comparedto a deficit of $1.2 bn in the same period last year. Efforts to attractworkers’ remittances, flexible exchange rate and relatively benign importprices explain the improving current account balance,” the central bankadded.
