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4M C/A deficit shrinks by 55pc

KARACHI: Pakistan’s current account deficit squeezed by 55 per cent to a provisional $533 million during the first four months of current fiscal year from $1.177 billion in the same period of last year which is highly encouraging for economic executives, showed State Bank of Pakistan’s data, released Tuesday. Higher remittances and a lower trade deficit compared with last year were the reasons for the narrowing of the current account deficit, according to the TFD analyst.

According to the latest official data, remittances from Pakistanis working overseas rose 13.3 per cent to $3.5 billion in the first four months of the FY11.
However, on a month-on-month basis, the current account surplus narrowed in October. In October, the current account stood at a provisional surplus of $35 million, compared with a surplus of $424 million in September.
The lower surplus from September to October is mainly due to a higher import bill stemming from rising international oil prices


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