Pakistan Current Account shows Surplus of $99 Million, After 4 Years.

Pakistan Current Account shows Surplus of $99 Million, After 4 Years.

“Pakistan economy finally heading in right direction as more of our economic reforms bear fruit: Pak’s current account turned into surplus in Oct 2019, for first time in 4 yrs. Current account balance was +$99mn in Oct 2019 compared to -$284mn in Sept 2019 & -$1,280mn in Oct 2018,” PM Imran Khan

Latest data release of State Bank of Pakistan reported Surplus Current Account balance. A surplus of $99 million is recorded in the month of October. This surplus in Current account balance is recorded after a good gap of 4 years.

Also Read: HBL is the First and Only Pakistani Bank to Initiate RMB Business in China.

The government succeeded in bringing down current account deficit by implementing some control and measures. 21% decrease in Imports bill was made whereas, 10% boost is added in exports of the country. Due to the massive cut down in import bill government has faced alot of criticism because this decrease has slowed down certain economic activities and has effected major industries like automotive industry directly.

Economic experts are of the view that the current account situation is likely to settle around $5 billion till the current financial year 2019-20 compared to the budgetary forecast of $7 to $8 billion, which is not an easy task.

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