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Pakistan’s current account deficit stood at کروڑ 707.3 million in July.

According to the data released by the State Bank of Pakistan, in the first month of the current financial year, ie in July, Pakistan’s current account deficit stood at کروڑ 707.3 million. The decline in remittances during July and lower export earnings were also among the reasons for the deficit.

According to economists, the current account deficit is very high during July. Saad Hashmi, Executive Director, BMA Capital, told The Express that the current account deficit in July was in line with central bank data and estimates, which put the deficit at 3 to 2 percent of GDP. Will remain between
Pak-Kuwait Investment Company’s Head of Research Samiullah Tariq said that Pakistan’s current account deficit is expected to remain the same due to falling in prices of iron, copper, palm oil, and crude oil in the global market. Money and IT exports also remained the same.

According to the SBP, the current account deficit was 70 707.3 million in July, compared to a surplus of کروڑ 508.3 million in July last year, but the current account deficit in June 2020 was ارب 1.62 billion.

According to the report, despite this deficit, the central bank has strong foreign exchange reserves.