Pakistan's current account deficit narrows 68% in Oct: Central bank

In a statement on Monday, the SBP said the current account deficit was $0.57 billion in October compared with a deficit of $1.78 billion in the same month last year, reports Xinhua news agency. During the first four months (July-October) of fiscal year 2022-2023, the current account deficit was $2.8 billion, down from $5.3 billion in the corresponding months of the last fiscal year, the figures showed.

The State Bank of Pakistan (SBP) said the country's current account deficit decreased 68 per cent in October from a year earlier owing to decline in imports.

In a statement on Monday, the SBP said the current account deficit was $0.57 billion in October compared with a deficit of $1.78 billion in the same month last year, reports Xinhua news agency.

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During the first four months (July-October) of fiscal year 2022-2023, the current account deficit was $2.8 billion, down from $5.3 billion in the corresponding months of the last fiscal year, the figures showed.

Imports fell by $2.7 billion in the first four months of the current fiscal year, and exports increased by $0.2 billion compared to July-October of the previous fiscal year, said the statement.

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As per the monetary policy, the bank expects the current account deficit to remain at 3 per cent of gross domestic product during the current fiscal year.

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