ISLAMABAD – Pakistan Foreign Remittances have registered significationgrowth under the new PTI government.
Foreign Remittances grew to $5.42 billion during July to September (2018)from $4.79 billion recorded in the corresponding period of last year, thusshowing a double-digit increase of 13.15 percent.
On the other hand, the imports surged to $15.98 billion as against ofexports values for commodities and services standing at $7.17 billion. Lastyear, the imports bill stood at $15.55 billion from July to September 2017whereas exports stood at $6.99 billion.
The new government has imposed various duties and taxes on imports ofvarious commodities aimed at controlling the imports bill in the comingmonths, which will likely contain the stubborn deficit in the currentaccount.
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The government has set an ambitious target to bring down the currentaccount deficit to $1 billion per month, which is possible.
State Bank of Pakistan (SBP) projected that the current account deficit islikely to settle from $5 to $6 billion this year- a much lower figurecompared to the previous year.
