ANL 11.28 Increased By ▲ 0.17 (1.53%)
ASC 10.00 Increased By ▲ 0.20 (2.04%)
ASL 11.00 Increased By ▲ 0.45 (4.27%)
AVN 72.30 Decreased By ▼ -0.51 (-0.7%)
BOP 6.06 Increased By ▲ 0.04 (0.66%)
CNERGY 5.52 Increased By ▲ 0.11 (2.03%)
FFL 6.80 Increased By ▲ 0.03 (0.44%)
FNEL 6.28 Increased By ▲ 0.08 (1.29%)
GGGL 11.32 Decreased By ▼ -0.18 (-1.57%)
GGL 16.42 Decreased By ▼ -0.17 (-1.02%)
GTECH 9.92 Increased By ▲ 0.17 (1.74%)
HUMNL 6.85 Increased By ▲ 0.36 (5.55%)
KEL 2.70 Increased By ▲ 0.07 (2.66%)
KOSM 3.05 Decreased By ▼ -0.02 (-0.65%)
MLCF 29.66 Increased By ▲ 0.51 (1.75%)
PACE 3.10 Increased By ▲ 0.04 (1.31%)
PIBTL 6.10 Increased By ▲ 0.06 (0.99%)
PRL 15.36 Increased By ▲ 0.36 (2.4%)
PTC 7.03 Increased By ▲ 0.15 (2.18%)
SILK 1.07 Increased By ▲ 0.06 (5.94%)
SNGP 27.45 No Change ▼ 0.00 (0%)
TELE 11.15 Decreased By ▼ -0.03 (-0.27%)
TPL 9.32 Decreased By ▼ -0.27 (-2.82%)
TPLP 17.05 Decreased By ▼ -0.19 (-1.1%)
TREET 31.55 Increased By ▲ 0.29 (0.93%)
TRG 75.67 Decreased By ▼ -1.33 (-1.73%)
UNITY 22.56 Decreased By ▼ -0.01 (-0.04%)
WAVES 13.18 Increased By ▲ 0.18 (1.38%)
WTL 1.55 Increased By ▲ 0.04 (2.65%)
YOUW 5.24 Increased By ▲ 0.09 (1.75%)
BR100 4,322 Increased By 57.7 (1.35%)
BR30 15,034 Increased By 108.3 (0.73%)
KSE100 43,506 Increased By 607.3 (1.42%)
KSE30 16,539 Increased By 231 (1.42%)
Markets

November: Pakistan's current account deficit widens further to $1.91bn

  • High imports and decline in remittances behind increase
  • Cumulative deficit for July-Nov clocks in at $7.09 billion
20 Dec, 2021

Pakistan's current account deficit widened further to $1.91 billion in November 2021, up from $1.76 billion in October, and a complete turnaround from November 2020 when it posted a surplus of $563 million, revealed data released by the State Bank of Pakistan (SBP) on Monday.

A high import bill, which stood at over $6.4 billion, and decline in remittances month-on-month contributed to the deficit.

The figure for November brings the total current account deficit to $7.09 billion in the five months of the ongoing fiscal year (July-November), a drastic change of events when compared with the same period of the previous year when Pakistan posted a surplus of $1.88 billion.

4MFY22 YoY: Current account posts $5bn deficit on higher import bill

The widening current account deficit has put severe pressure on the country's currency that has shed nearly 15% of its value since May this year, contributing to inflation, and forcing the central bank to aggressively tighten its stance towards interest rates. Inflation reading came in at 11.5% for November, a nearly two-year high.

The SBP has raised the key policy rate by 275 basis points since September in what is being called the 'boldest' stance in Asia. Its latest hike was of 100 basis points, which took the rate to 9.75%.

Against USD: Pakistan's rupee stable amid SBP measures to curb speculation

On Monday, the rupee remained stable to close at 178.04 against the US dollar in the inter-bank market, which still remains its weakest level in history.

Comments

Comments are closed.