ISLAMABAD, Nov. 21 (Xinhua) — Pakistan’s current account deficit decreased 68 percent in October from a year earlier owing to decline in imports, the country’s central bank said on Monday.
The current account deficit was 0.57 billion U.S. dollars in October compared with a deficit of 1.78 billion dollars in the same month last year, the State Bank of Pakistan said in a statement.
During the first four months (July-October) of fiscal year 2022-2023, the current account deficit was 2.8 billion dollars, down from 5.3 billion dollars in the corresponding months of the last fiscal year, the figures showed.
Imports fell by 2.7 billion dollars in the first four months of the current fiscal year, and exports increased by 0.2 billion dollars compared to July-October of the previous fiscal year, said the statement.
After coming to power in April this year, the current Pakistani government has rolled out restrictive measures that have effectively curbed imports.
As per the monetary policy, the bank expects the current account deficit to remain at 3 percent of gross domestic product during the current fiscal year.