Current account deficit shrinks to $74mn in Oct
Business
Current account deficit shrinks to $74mn in Oct
KARACHI (Dunya News) – In a promising economic development, the State Bank of Pakistan (SBP) on Monday reported a notable decrease in the current account deficit for the month of Oct 2023.
The deficit has slimmed down to a mere $74 million, marking the second consecutive month with a deficit below $10 million.
This contrast sharply with the $850 million deficit was recorded in Oct 2022.
The decline is attributed to reduced imports and a surge in the remittances, including exports.
— SBP (@StateBank_Pak) November 20, 2023
Statistics disclosed the current account deficit for the first time four months of this financial year is $1.05 billion, significantly lower than the $3.01 billion recorded in the corresponding period of the previous year.
