Pakistan’s current account deficit reaches $1b in March: SBP

KARACHI: Pakistan’s current account deficit was recorded at $1.03 billion in March 2022, compared to $369 million recorded in the same period of the previous year, showed data released by the State Bank of Pakistan (SBP).

According to the updated figures of the central bank, current account deficit stood at $519 million in February 2022. Hence, the current account deficit for March 2022 is 98% higher on a monthly basis.

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However, the SBP said a “turnaround in the current account” has continued as a deficit of $1 billion is lower than the average during FY22.

“Despite high global commodity prices, the turnaround in the current account continues, with a deficit of $1bn in Mar, $500mn lower than the average during FY22,” tweeted the SBP.

Meanwhile, cumulatively, during the nine-month period of the ongoing fiscal year (July-March of FY22), the current account deficit stood at $13.17 billion compared to a deficit of only $275 million during the same nine months of the previous fiscal year (FY21), showed SBP data.