Pakistan's current account recorded a surplus of $729 million in November, marking the second-highest monthly surplus since July 2013. The country's current account balance for the first five months of the current fiscal year approaches $1 billion in surplus.
The improvement comes amid increased remittances following a crackdown on illegal currency trading. Financial analysts project remittances to reach $35 billion in fiscal year 2025, indicating a significant upturn in formal money transfers.
Export figures show a $1 billion increase, while services exports have reached $3.276 billion. The State Bank of Pakistan has set a foreign exchange reserves target of $13 billion for fiscal year 2025, reflecting growing confidence in the economy's external position.
Financial experts note that the current surplus is contributing to exchange rate stability and may attract increased foreign investment. The improvement in the current account position coincides with support from international financial institutions and growing foreign exchange reserves.
The State Bank of Pakistan reports that these positive indicators are expected to help stabilize the exchange rate and strengthen the country's external financial position. The combination of increased remittances, export growth, and institutional support has contributed to the improved current account position.
