Karachi: The State Bank of Pakistan (SBP) on Wednesday reported that the country’s current account deficit has narrowed to 71% (USD 2.84 billion) during the first eight months of FY2019-20, according to news sources. As per the publication, the SBP has associated this reduction with the significant drop in national imports.
As per the report, the current account deficit stood at USD 9.81 billion during the same period last year. In February 2020, the deficit was a nominal USD 210 million, which is 61% lower than the figures recorded in January 2020, and 38% lower than February 2019.
Moreover, it was also reported that the situation was improved by a 15% drop in the international benchmark oil price (Brent Crude) which fell below USD 50 per barrel in February 2020.
On the other hand, during the first eight months of FY2019-2020, exports numbers have reached USD 16.43 billion, registering a 3% increase compared with last year’s figures.