Current Account Records a Massive Deficit of $662 Million in December
The current account recorded a massive deficit of $662 million in December 2020 after showing a surplus during the previous five months. This is despite record inflows of foreign exchange income from the sources of export and remittance.
The deficit was driven mainly because of the heavy import bill with the weightage of a section of essential food items, growth-enhancing capital goods, oil, and industrial raw materials also rose on the back of the domestic economic recovery.
In December 2020, the exports receipt showed a record value of $2.352 billion. Besides, inflows of remittances also registered a handsome value of $2.43 billion. On the other hand, imports of the country grew to a record level of over $5 billion.