KARACHI, July 27(ABC): Pakistan’s current account deficit — the gap between the country’s higher foreign expenditure and low income — widened to $2.3 billion in June 2022 despite higher exports and remittances.
According to the State Bank of Pakistan, the current account deficit of the country has risen to $2.3 billion in June 2022 compared to a deficit of $1.6 million in the same month of the last year.
Cumulatively for fiscal year 2021-22, the current account deficit widened by a whopping 517%, clocking on at $17.4 billion on a yearly basis when compared with the figure of $2.82 billion during FY21.
“As foreshadowed by earlier Pakistan Bureau of Statistics (PBS) data, a surge in oil imports saw current account deficit rise to $2.3 billion in June despite higher exports and remittances,” the central bank said on its official Twitter handle.
The SBP further mentioned that so far in July oil imports are much lower [and] “deficit is expected to resume its moderating trajectory.”