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Pakistan records current account surplus after 5 years

Pakistan records current account surplus after 5 years

Pakistan records fifth consecutive current account surplus in November 2020

Pakistan’s current account recorded a surplus for the fifth consecutive month in November at $447 million as compared to a deficit of $326m during the same time last year, according to the data released by the State Bank of Pakistan (SBP).

“In contrast to the previous five years, the current account has been in surplus throughout FY21 due to an improved trade balance and a sustained increase in remittances,” the central bank said.

“In November 2020, both exports and imports picked up, reflecting a recovery in external demand and domestic economic activity,” the SBP said.

On a cumulative basis, the total current account surplus during the July-November period rose to a record $1.64 billion against a deficit of $1.745bn during the same period last year.

Commenting on the positive development, Prime Minister Imran Khan said that “despite Covid-19, Pakistan’s economy has witnessed a remarkable turnaround”.

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