Pakistan’s current account balance posted a surplus of $619 million in March 2024, according to data released by the State Bank of Pakistan (SBP) on Monday.
The current account balance posted a surplus of $98 million in the previous month i.e. February 2024 while the current account balance posted a surplus of $537 million in the same month of the previous fiscal year i.e. March 2023.
During the nine months of the current fiscal year (9MFY24), the current account balance posted a deficit of $508 million, a significant improvement on the current account deficit of $4.054 billion posted during the same period of the previous fiscal year.
Record breaking surplus
According to brokerage house Arif Habib Limited (AHL), the surplus in March 2024 is the third highest in the country’s history, only exceeded by a surplus of $801 million in February 2015 and $981 million in August 2012.
The brokerage house said that the surplus was driven by jump in remittances and lower trade deficit. It is pertinent to mention h
ere that remittances sent by overseas Pakistanis surged by over 30 percent to $2.95 billion in March 2024 compared to inflows of $2.25 billion registered in the previous month.
The higher remittances in March were due to Ramadan and Eid, as overseas Pakistanis usually send higher amounts for their families and charity, including Zakat.
Source: Pro Pakistani