A big economic achievement for the PTI government in FY 2020 - 21

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A big economic achievement for the PTI government in FY 2020 - 21

Karachi: The State Bank of Pakistan (SBP) in its latest report has revealed that the country’s Current Account Balance (CAB) turned into a surplus for the second consecutive month.

Taking to twitter, the central bank said that the country current account surplus 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 “an impressive growth in workers’ remittances and lower import payment.”

“Current Account Balance (CAB) turned into a surplus for the second consecutive 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: link link,” SBP tweeted.

The SBP added that the efforts to attract workers’ remittances, flexible exchange rate and relatively benign import prices explain the improving current account balance.

“Cumulatively CAB reached a surplus of $805 mn during Jul-Aug FY21 compared to a deficit of $1.2 bn in the same period last year. Efforts to attract workers’ remittances, flexible exchange rate and relatively benign import prices explain the improving current account balance,” the central bank added.