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SBP: Current account deficit rose to Rs3.4 billion in Jul-Sept

Central bank says the shortfall affecting foreign exchange reserves

SAMAA | - Posted: Oct 20, 2021 | Last Updated: 1 month ago
SAMAA |
Posted: Oct 20, 2021 | Last Updated: 1 month ago

Photo: FILE

The current account deficit touched the Rs3.4 billion mark during July-September this year on account of rising imports which was Rs80.65 million more than last year’s figures, data released by the State Bank of Pakistan showed on Wednesday.

The central bank has so far taken several steps to contain this deficit and the recent data shows a limited amount of success in this regard.

In September, the current account deficit was recorded at Rs1.11 billion which was lower than the last month when it hovered at Rs1.47 billion.

This deficit is also putting pressure on the foreign exchange reserves.

The current account deficit stems from a trade deficit which is calculated by subtracting imports from exports.

A month ago in September, the country exported goods worth $2.64 billion while importing items amounting to $6.07 billion. The cumulative trade deficit in September was $3.43 billion against $3.65 billion a month ago in August. The trade deficit is still high on a monthly basis.

The central bank said that although remittances were sent by Pakistani expatriates were blocking the trade deficit from making an abrupt plunge.

Data released by SBP showed that remittances were worth $2.77 billion. It had been $8.49 billion during the July-September period.

During September this year, Pakistan imported goods worth $7.24 billion while remittances touched $8.03 billion during the same month.

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SBP: Current account deficit up at Rs3.4 billion in Jul-Sep, Pakistan account deficit, State Bank of Pakistan, Pakistan deficit
 

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