KARACHI : The balance of payment of the country registered current account surplus of $424 million in July 2020 i.e. 1.9 percent of the GDP, according to statistics released by State Bank of Pakistan (SBP) on Monday. In a series of tweets, the central bank said, “Pakistan’s current account balance swung into a surplus of $424 mn in July 2020 after posting a deficit of $100 mn in June. This is the fourth monthly surplus since last October, and a significant improvement on the deficit of $613 mn in the same month last year.” The statistics revealed that the current account surplus stood at $424 million in July 2020 as compared with the current account deficit of $613 million in the same month of the last year. The current account surplus may be attributed to record inflows of workers’ remittances in July 2020. In the month under review the workers’ remittances rose to $2.77 billion. This is the highest ever level of remittances in a single month in Pakistan, according to the SBP.The SBP said in another tweet, “Strong turnaround is due to a continued recovery in exports and record-high remittances, with support from several policy and administrative initiatives by SBP and government. Exports sustained strong recovery, with m/m growth of further 19.7% in July on top of 25.5% in June.” The exports also exhibited 6.1 percent growth to $2 billion in July 2020 as compared with $1.88 billion in the same month of the last year. On the other hand the import bill of the country declined by 0.7 percent to $3.68 billion in July 2020 as compared with $3.71 in the same month of the last year. The trade deficit narrowed by 7.7 percent to $1.68 billion in July 2020 as compared with the deficit of $1.83 billion in the same month of the last year.
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