ISLAMABAD, March 22 (APP): Pakistan’s present account deficit narrowed to $ 50 million in February 2021, from $ 210 million in January and $ 652 million in December 2020.
The present account stability in February 2020 noticed a deficit of $ 197 million, in line with knowledge launched Monday by the State Financial institution of Pakistan (SBP).
On common, the present account remained in surplus of $ 881 million in July-February (2020-2021), in comparison with a deficit of $ 2,741 million in the identical interval of fiscal 12 months 20.
“The present account surplus is helped by continued robust progress in employees’ remittances and a sustained restoration in exports since November 2020 in annual phrases, which greater than offset the rise in imports as a consequence of home meals shortages and to the resumption of financial exercise, “the Central Financial institution stated on its official Twitter account.
In February, Pakistanis transferred remittances value $ 2.266 billion, whereas in the identical month final 12 months, remittances have been recorded at $ 1.825 billion.
In response to the information, the present account deficit with out official transfers additionally narrowed to $ 71 million in February, from $ 233 million in the identical month final 12 months.
The products commerce deficit fell from $ 1.57 billion in February 2020 and $ 2.336 billion in January 2021 to $ 2.35 billion in February of this 12 months.
The providers commerce deficit, nevertheless, narrowed considerably to $ 186 million within the corresponding month, in comparison with the deficit of $ 407 million in February 2020 and $ 163 million in January 2021.
As a proportion of gross home product (GDP), the present account stability recorded a deficit of 0.2 p.c in February this 12 months, in comparison with a deficit of 0.9 p.c in the identical interval final 12 months.