The current account deficit was 570 million US dollars in October compared with a deficit of 1.78 billion US dollars in the same month last year, the State Bank of Pakistan said in a statement.
For the first four months (July-October) of the 2022-2023 fiscal year, the current account deficit was $2.8 billion, down from $5.3 billion in the corresponding months of the last fiscal year, the figures showed.
Imports fell $2.7 billion in the first four months of the current fiscal year, and exports rose $200 million compared with July-October of the previous fiscal year, the statement said.
After coming to power in April this year, the current Pakistani government implemented restrictive measures that effectively curbed imports.
In line with monetary policy, the bank expects the current account deficit to remain at 3 percent of gross domestic product during the current fiscal year. ■