Remittances at a historic high as current account in surplus
Pakistan Finance Minister Shaukat Tarin has said that the foreign exchange overseas Pakistanis sent back home helped Pakistan keep its current account balance in surplus for the last 10 months.
“It shows that overseas Pakistanis have especial relation with Imran Khan,” Tarin said while unveiling Pakistan Economic Survey 2020-21. The remittances stand at $26.74 billion in the first 11 months of fiscal year 2020-21.
He said that all international agencies such as the World Bank predicted that remittances would fall last year since their economies were also underperforming amid the pandemic.
He said that remittances played important role in keeping Pakistan’s current account balance in surplus. In the first 10 months of the fiscal year 2020-21, Pakistan’s current account balance is in surplus of $773 million.
If Pakistan’s current account balance stays in surplus during the complete fiscal year 2020-21, it will be happening for the first time in 10 years. It was in the fiscal year 2010-11 that Pakistan’s current account balance was in surplus.
He added that deposits in the Roshan Digital Accounts have crossed $1 billion too. RDA is a project of the government that helps overseas Pakistan to put money and manage transactions easily in Pakistan.