Current Account Records a $200 Million Deficit in April 2021
The Current Account recorded a deficit of $200 million in the month of April due to a high import bill in the outgoing month, according to data reported by the State Bank of Pakistan (SBP).
The current account deficit of April 2021 is 61 percent lower than it was in April 2020. However, the current account had maintained a surplus position that stood at $800 million during the first 10 months of the current financial year 2020-21, a significant turnaround from the deficit of $4.7 billion during the same period last year.
With the economy rebounding strongly in FY21, imports are picking up but are being offset by unprecedented growth in remittances and recovery in exports. With the CAB contained and the foreign exchange reserves at a four-year high, the economic revival is on sound and sustainable footing.