Pakistan’s current account deficit dwindles to $545m | Pakistan Today

Pakistan’s current account deficit dwindles to $545m

KARACHI: Pakistan’s current account deficit for July-September diminished to a provisional $545 million, in comparison to $587 million in the same period last year, the Central Bank disclosed on Tuesday.
According to the State Bank of Pakistan, the current account refreshingly stood at a provisional surplus of $447 million in September, compared to a deficit of $372 million in August.
“The two primal reasons for surplus in September are an increase in private current transfers and a lower trade deficit,” said Director of Invisor Securities Ltd, Asif Qureshi. Pakistan’s trade deficit for September stood at $1.16 billion, compared to $1.24 billion in August.
Analysts viewed grants or private transfers sent to Pakistan following the floods as an additional reason for the surplus. Current transfer amounted to $1.457 billion in September, compared to $1.174 billion in August. The current account deficit for the fiscal year 2009-10 was $3.495 billion, compared to $9.261 billion in fiscal year 2008-09.



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