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*KARACHI: Pakistan’s current account deficit (CAD) widened to $2.3 billionin June 2022, up by 59% as compared with the figure in May when it stood at$1.43 billion, data released by the State Bank of Pakistan (SBP) showed onWednesday.*
Cumulatively for the fiscal year 2021-22, the current account deficitclocked in at $17.4 billion on a yearly basis when compared with the figureof $2.82 billion during FY21.
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The data showed that the main reason for the widening current accountdeficit was the surging import bill.
“As foreshadowed by earlier PBS data, a surge in oil imports saw CAD riseto $2.3bn in Jun despite higher exports & remittances. So far in Jul oilimports are much lower & deficit is expected to resume its moderatingtrajectory,” the central bank said in a statement.
