Pak registers surplus of USD 447 million in November: Central bank

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Karachi, Dec 22 (PTI) Pakistan recorded a surplus for the fifth consecutive month in November at USD 447 million in its current account despite the COVID-19 pandemic, the State Bank of Pakistan said on Tuesday.

The surplus of USD 447 was recorded in comparison to a deficit of USD 326 million during the same time last year, said the data released by the central bank.

The bank said in a tweet that in contrast to the previous five years, the current account has been in surplus throughout FY21 due to an improved trade balance and a sustained increase in remittances.

'In November 2020, both exports and imports picked up, reflecting a recovery in external demand and domestic economic activity,' it said.

'Despite Covid-19 great news on the economy - remarkable turnaround. Current account surplus again in Nov: USD 447 mn. For fiscal year so far, surplus is USD 1.6 bn as opposed to the deficit of USD 1.7bn same period last yr. SBP's FX reserves have risen to about USD 13 bn, highest in 3 yrs,' Prime Minister Imran Khan tweeted.

The Central Bank said that on a cumulative basis, the total current account surplus during the July-November period had increased to a record USD 1.64 billion against a deficit of USD 1.745 billion during the same period last year.

The main reason for this increase is put down to the fact that remittances during the five months showed an increase of 27 per cent to USD 11.77 billion after COVID-led travel restrictions increased flows through legal channels. PTI CORR MRJ MRJ