September 23, 2020 (MLN): The Current Account Balance during the month of August 2020 showed a surplus of USD 297 million, i.e. around 42% lower than the surplus recorded in the previous month.
This brought the total surplus for the first two months of the Fiscal Year 2021 to USD 805 million, as opposed to the deficit of USD 1.214 billion recorded in the same period of last year.
Taking to its official social media handle to announce the same, the State Bank of Pakistan said: ‘Current Account Balance (CAB) turned into a surplus for the second consecutive month in August 2020 led by an impressive growth in workers’ remittances and lower import payment. CAB surplus amounted to $508 million and $297 million during July and August 2020’.
‘Cumulatively CAB reached a surplus of $805 million during Jul-Aug FY21 compared to a deficit of $1.2 billion in the same period last year. Efforts to attract workers’ remittances, flexible exchange rate and relatively benign import prices explain the improving current account balance’, it added.
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