President appreciates efforts to overcome current account deficit

ISLAMABAD: President Dr. Arif Alvi Tuesday appreciated the country’s progress in overcoming current account balance deficit which now stood surplus.

The president on his twitter handle, posted: “Good. Excellent chart showing Pakistan's progress towards overcoming a deficit (in the red) current account balance, towards a positive, (into the green... our natural colours) current account surplus.”

Dr. Alvi also retweeted a graph of State Bank of Pakistan showing the positive indicators along with his tweet.

According to the tweet thread of SBP, Pakistan’s current account balance has posted a surplus of US $447 million in November 2021, against a deficit of $326 million in the same month of the previous year.

So far in FY21, the surplus has reached $1.6 billion compared to $1.7 billion over the same period last year.

In contrast to the previous five years, the current account has been in surplus throughout FY21 due to an improved trade balance and sustained increase in remittances.

In November 2020, both the exports and imports picked up, reflecting recovery in external demand and domestic economic activity, the SBP added in its tweets.