Pakistan’s current account deficit (CAD) has increased by a massive 81 per cent in August to $1,476 million compared to July during this fiscal year (FY22). The total deficit during July-Aug reached $2.29 billion against a net surplus of 838m in the same period of FY21. SBP Governor Reza Baqir had earlier said that CAD would be in the range of 2 to 3pc of Gross Domestic Product (GDP) in FY22. However, the sudden rise in the deficit reflecting the trend may lead to higher than the SBP estimate. The import bill of 2MFY22 increased by 62.2pc to $13.033bn compared to the same period in FY22 when it was at $8.036bn.

Source: Pakistan Today September 18, 2021 01:41 UTC