Karachi: The balance of payment posted the surplus of $258 million in the first four months of the current financial year 2012-13, State Bank of Pakistan reported on Monday.
The situation of current account was recorded extremely challenging in the previous financial year which stood at $1.65 billion in the period of Jul-Oct 2011.
Country’s current account has turned into positive in the current financial after it received a much-awaited amount of $1.2 million from USA against its efforts for war against terrorism.
The month of October proved to be good for the country in terms of its macro economy as it witnessed growth in exports, remittances and foreign portfolio investment. However the current account posted deficit of $177 million in October but it remained in surplus due to previous months.
The remittances landed in the last months was recorded a high level monthly inflows of $1.365 billion. This was recorded due to handsome inflows of foreign exchange sent by overseas Pakistan from different countries including KSA, UAE, GCC countries, USA and UK.
The exports earnings also supported the macroeconomic indicator of current account along with trade deficit. It up modestly by 5 percent to reach $8.2 billion in the four months of the current financial year. On the other hand, imports eased to $14.643 billion from $14.723 billion a year ago in the period under review.
Analysts said the situation of the current account will remain quite stable for coming months, which will have positive impacts on the economy and value of the currency against the dollar.
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