Pakistan's Current Account Deficit Shrinks 90% in Jan: SBP

Islamabad, Feb 21 (IANS) The State Bank of Pakistan (SBP) said the country's current account deficit shrank by 90 per cent in January from the same month last year as the government continued with its strategy to restrict imports to evade an external payment crisis.

Pakistan's current account deficit fell to $0.24 billion in January from $2.47 billion in the same month of the previous year, recording a 90.3 per cent decrease, Xinhua news agency reported citing SBP data.

On a month-on-month basis, the current account deficit went down from $0.29 billion in December 2022, showing a 17 per cent decrease, according to the data.

Cumulatively, the current account deficit stood at $3.80 billion in July-January of the current fiscal year 2023, compared with $11.56 billion in the same period of the fiscal year 2022, the central bank added.