Country’s current account in surplus for second consecutive month

State Bank of Pakistan, current account balance

KARACHI: The country’s Current Account Balance (CAB) posted a cumulative surplus of $805 million during the first two months of the ongoing fiscal year, the State Bank of Pakistan (SBP) revealed on Wednesday.

The central bank said the current account remained in a surplus in August for the second consecutive month, due to “an impressive growth in workers’ remittances and lower import payment.”

The current account surplus rose to $508 million and $296 million in July and August 2020, respectively.

Also Read: Country’s current account posted surplus of $424 million in July: PM Imran Khan

Cumulatively, the CAB reached a surplus of $805 million during July-August FY2020-21 as against a deficit of $1.2 billion 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 SBP tweeted.

On September 14, the SBP had said remittances from overseas Pakistanis rose by 24.4 per cent to $2.095 billion during August as compared to last year’s corresponding period.

Read More: PM says remittances rose 31% in first 2 months of fiscal year

According to figures released by the central bank, remittances reached an unprecedented level of $7.3 billion over the last three months, which are 37.2 per cent higher than the same period last year.

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