Pakistan’s current account surplus for second consecutive month: SBP
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In a positive development for Pakistan's economy, the current account remained in surplus for the second consecutive month, according to data released by the State Bank of Pakistan (SBP).
The current account surplus stood at $11.9 million in September 2024, a significant improvement of 310% from the $2.9 million surplus recorded in August 2024.
The SBP reported that in the first quarter of the current fiscal year, the current account deficit was $98 million, marking a 92% decrease compared to the same period last year. In the first half of fiscal year 2024, the deficit stood at $1.24 billion.
A notable increase in remittances was recorded in September 2024, with inflows rising 29% to $2.84 billion compared to September 2023. Exports for September 2024 were reported at $2.645 billion, while imports stood at $4.69 billion.
The back-to-back current account surpluses reflect improving economic conditions and financial stability, signaling a positive trend for the country's fiscal outlook.