The current account deficit has narrowed down to 29% which is equivalent to $12.68 billion in the fiscal year 2019, mainly due to decreased imports and increased flow in remittances.
The account deficit, the same time a year ago was $17.92 billion, as reported by the State Bank of Pakistan.
SBP Governor Dr Reza Baqir stated that controlling the account deficit has been the most challenging aspect of our economy.
“The drop in the deficit is seen due to a notable drop in imports and volumetric (not in value term) growth in exports…following the rupee depreciation against the US dollar,” he said at his first news conference on Monday.
A major drop in imports and rise in oil prices have contributed to the fact that a scenario has arisen.