Pakistan's Current Account Balance turns surplus for second consecutive month
Last updated on: 23 September,2020 03:28 pm
The CAB surplus amounted to $508 million and $297 million during July and August 2020
KARACHI (Web Desk) - The country’s Current Account Balance (CAB) turned into a surplus for the second consecutive month in August 2020 led by an impressive growth in workers’ remittances and lower import payment, State Bank of Pakistan said on Wednesday.
The CAB surplus amounted to $508 million and $297 million during July and August 2020. Cumulatively current account balance reached a surplus of $805 million during Jul-Aug FY21 compared to a deficit of $1.2 billion in the same period last year.
Efforts to attract workers’ remittances, flexible exchange rate and relatively benign import prices explain the improving current account balance.