Current account ends FY21 in deficit
Country registers $1.85b deficit due to spike in oil prices, vaccine imports
KARACHI:
Pakistan’s current account recorded a deficit of $1.85 billion in fiscal year 2020-21 owing to a jump in imports on account of rise in crude oil prices and vaccine arrivals.
The deficit came despite the fact that the current account remained in surplus in the first 11 months (July 2020 to May 2021) of the previous fiscal year.
According to data of the State Bank of Pakistan (SBP), the current account deficit - gap between foreign payments and income - had stood at $4.45 billion in fiscal year 2019-20.