Pakistan’s economy has received a welcome boost, with the country’s current account recording a surplus of $75 million in August.
This reversal of fortunes is attributed to the record increase in remittances from overseas Pakistanis.
According to data released by the State Bank of Pakistan (SBP), the current account deficit in July stood at $246 million, making the August surplus a remarkable turnaround. This development is expected to bring stability to Pakistan’s economy.
Experts hail this surplus as a positive sign, citing the increased remittances as a key factor. “The surge in remittances has helped bridge the trade deficit, resulting in a current account surplus,” said an economist.
In the first two months of the current financial year, Pakistan’s current account deficit was $17 million, a significant 81% decrease from the same period last year. This reduction in deficit is a promising indicator of the economy’s resilience.
