Pakistan surges with Current Account Surplus of $397m in December 2023, Announces State Bank of Pakistan (SBP)

Pakistan Surges with Current Account Surplus of $397m in December 2023, Announces State Bank of Pakistan (SBP)

The State Bank of Pakistan reported a notable improvement in its current account balance for the period of July to December in the current fiscal year


The latest figures indicate a positive shift in the current account deficit, with a loss recorded at $83.1 million during July-Dec FY24. In contrast, the same period in the previous fiscal year (July-Dec FY23) saw a larger loss of $3.62 billion in the current account balance.


This encouraging trend underscores the effectiveness of the efforts and strategies implemented by the bank to stabilize its financial position.


Specifically, the current account balance for December 2023 reflected a surplus of $39.7 million. This marks a substantial improvement compared to the figures from December 2022, where a loss of $36.5 million was recorded.


In November 2023, there was a temporary setback as the State Bank of Pakistan reported a current account deficit of $1.5 million. 


Despite this isolated incident, the broader trend points towards a positive trajectory in the financial performance of the State Bank, as evidenced by the recent improvements in the overall current account balance.

 

 

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