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Pakistan

Pakistan's current account deficit hits $2.28bn in June, up 59% month-on-month

  • Cumulative deficit for FY22 stands at $17.4bn, 517% higher on a yearly basis
Published July 27, 2022
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Pakistan's current account deficit for June stood at $2.28 billion, revealed data released by the State Bank of Pakistan (SBP) on Wednesday, up 59% compared with the figure in May when it stood at $1.43 billion.

Cumulatively for fiscal year 2021-22 (FY22), the current account deficit clocked in at $17.4 billion, a massive 517% increase on a yearly basis when compared with the figure of $2.82 billion during FY21.

The current account balance is a key figure for Pakistan's economy as a widening deficit puts pressure on the rupee. The local currency has hit record lows and depreciated over 11% in the last nine sessions alone amid depleting foreign exchange reserves that have raised concerns over the balance-of-payments' situation.

Pakistan's current account deficit clocks in at $1.43bn in May 2022

Meanwhile, the SBP said that a surge in oil imports saw the current account deficit rise in June despite higher exports and remittances.

"So far in July, oil imports are much lower and deficit is expected to resume its moderating trajectory," it added.

Details of the balance-of-payments' summary revealed that Pakistan recorded exports of goods at $3.12 billion and another $646 million as services. However, a massive import bill, which clocked in at $7.04 billion for goods and another $1.37 billion as services, in June was the reason behind the current account deficit.

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Zia Ullah Khan Jul 27, 2022 08:36pm
The government imported massive amounts of petroleum products in June- at the highest price- just to bloat last fiscal year CAD and to reduce the petroleum imports in July and August and show CAD improvement in new fiscal year.
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samir sardana Jul 27, 2022 10:21pm
Brent June average was 122 USD,&May was 114 Y the huge jump in THE import bill ? Did the Oil demand spike - INSPITE OF PRICE HIKES ? But in July, there is demand destruction in Oil in Pakistan,& the Brent average will be 110-114 SO Y IS THE PKR CRASHING ? THE OIL BOUGHT IN JUNE WILL BE PAID FOR IN SEPTEMBER THE REASON IS PUNTERS - &THE DELAY BY SBP IN RELEASING DATA ! THE DELAY IN RELEASING NUMBERS,ALLOWED PUNTERS TO PUNT ALL THIS DATA IS KNOWN TO THE CHA,AT THE SEA PORTS - &THE SEAPORT AUTHORITIES,&ALSO BANKS, WHO OPEN THE LCs.,FROM THERE,THE INFORMATION IS LEAKED TO THE PUNTERS - WHO PLAY ON IT,TILL THE SBP MAKES A FORMAL RELEASE - WHICH IS 27 DAYS AFTER THE END OF THE MONTH ! Y THE FLOAT IN TIME ? THE NADIR OF PKR,WAS HIT ON THE DATE OF SBP RELEASE ! FROM 28TH,THE PKR WILL START STRENGTHENING ! BANK FX TRADERS &SBP HAVE THE ENTIRE 6 MONTHS - DAY BY DAY - MATURITY OF USD LCs - &banks are trading on this & aiding treasuries of large corporates to punt,dindooohindoo
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