KARACHI: The State Bank of Pakistan (SBP) has shared Wednesday monthlynumbers of Balance of Payments noting current account of Pakistan hasturned red after bleeding US$ 1.1 billion in December alone.
The Current Account Balance is a ledger of payments that takes intoaccounts all the bills the country has to pay and all payments it has toreceive. The total amount if is positive it means the country’s account isin surplus, if the opposite, it’s the opposite.
The Pakistan CAB remained in surplus for consecutive five months but inDecember it bled US$ 1175 million and now its current standing is in adeficit of US$662.
SBP in its tweet to announce this development today said, “Current accountregistered a deficit of $662mn after remaining in surplus for last 5months.”
It said that cumulatively, during the six months of fiscal year 2021 the“current account remained in surplus of $1.1bn compared to a deficit ofover $2bn in the corresponding period last year”.
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It further added that exports and remittances continued to grow steadily inthe previous month compared to last year.
“Imports of some essential food link itemsas well as growth-enhancing capital goods, oil, and industrial rawmaterials also rose on the back of the domestic economic recovery.”
