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Remarkable turnaround despite Covid’: Current account sees surplus for fifth consecutive month

Pakistan’s current account recorded a surplus for the fifth consecutive month in November at $447 million as compared to a deficit of $326m during the same time last year, data released by the State Bank of Pakistan (SBP) showed on Tuesday.

“In contrast to the previous five years, the current account has been in surplus throughout FY21 due to an improved trade balance and a sustained increase in remittances,” the central bank said on Twitter.

“In November 2020, both exports and imports picked up, reflecting a recovery in external demand and domestic economic activity,” the SBP said.

On a cumulative basis, the total current account surplus during the July-November period rose to a record $1.64 billion against a deficit of $1.745bn during the same period last year.

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