off-the-wire

Pakistan's CAD down to $3.4 bln from $13 bln Y/Y - c.bank

Kitco Media
By Reuters
Published:
Updated:
Reuters
ISLAMABAD, April 19 (Reuters) - Pakistan's Current Account Deficit (CAD) has reduced to $3.4 billion in July-March of current fiscal year down from $13 billion for the same period last year, the country's central bank said.


The bank's statement said the CAD recorded $654 million
surplus in March, 2023 against a deficit of $36 million previous month.


The CAD has contracted due to stringent import restrictions the South Asian economy has placed for months to avert a balance of payment crisis owing to shrinking foreign exchange reserves held by the bank, which is barely enough to cover a month of controlled imports.


(Reporting by Asif Shahzad, Editing by Louise Heavens)

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