C/A surplus hits 9-year high

Pakistan’s current account balance made history by hitting a nine-year high surplus of $619 million in March 2024. This reduced the cumulative current account deficit to $508 million in the first nine months of the fiscal year 2023-24. The country has maintained a surplus in the current account for the second consecutive month in March and for the third month in the fiscal year, enhancing the nation’s capacity to make international payments smoothly. However, this was achieved through economic engineering and a slowdown in industrial output, resulting in a significant number of job losses and jeopardising the livelihoods of millions. According to the State Bank of Pakistan’s (SBP) data, the current account surplus improved by 15% to $619 million in March compared to $537 million in the same month of the previous year. This represents a 532% increase compared to the $98 million recorded in the previous month of February.