ISLAMABAD: Pakistan recorded a current account surplus of $619 million in March, the central bank said on Monday, which was the highest in nine years.
Cumulatively, the country’s current account balance improved significantly from July 2023 till March 2024 and recorded a deficit of $0.5 billion only, compared to $4.1 billion during the same period in the previous year, according to the State Bank of Pakistan.
“Pakistan recorded Current Account Surplus of $619mn in Mar-2024 vs $537mn last year and $98mn in Feb-2024,” Topline Securities, a Karachi-based brokerage and research firm, said in its report.
“This is the highest monthly surplus after 9 years. We believe significant monthly surplus is due to higher remittances amid Eid inflows.”
The development comes amid hopes of the country’s successful talks with the International Monetary Fund (IMF) for a new bailout program, after Pakistan’s current $3 billion arrangement expires this month, as well as investment from friendly countries, including Saudi Arabia.
In March, remittances sent by Pakistani workers abroad increased by 31 percent on a month-on-month basis, with Saudi Arabia being the top contributor.
Pakistani expatriates remitted a total of $3 billion back home in the month of March, according to official figures shared by the SBP.
Pakistan’s finance minister, Muhammad Aurangzeb, has recently held meetings with official of the IMF, World Bank and other multilateral financial institutions.
During the meetings, the minister highlighted the government’s reforms and the country’s improved economic indicators for investment.
