CAD hits lowest level since April ’21

KARACHI: The current account deficit shrank 72.5 per cent on a year-on-year basis to $316 million for September, which is the lowest monthly figure since April 2021.

According to data released by the State Bank of Pakistan (SBP) on Wednesday, the deficit for the first quarter of 2022-23 clocked in at $2.2 billion, down 37.4pc from a year ago.

According to Arif Habib Ltd, the primary reason for the decline in the deficit is a 19pc reduction in the country’s total imports. However, total exports and remittances also dropped 4pc and 12pc, respectively, over the same period.