Fewer imports help Pakistan lower current account deficit by $500m

Deficit lowest since February 2022

The current account balance of the country - from which it does most of the expenditures and receives inflows - saw it contract by $500 million to around $700 million, the lowest level since February.

According to data released by the State Bank of Pakistan, the deficit contracted by 19% between July and August.

This was nearly half the level seen during the corresponding period last year when the current account stood at $1.5 billion.

The State Bank explained that the major contributing factors to this was enhanced exports by $500 million and and fewer imports, down by $200 million during the reporting period.

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