Pakistan In Focus - ECONOMIC TIMES OF PAKISTAN.
The current account deficit narrowed 80percent to a 41-month low at $259 million in September, but it came at the cost of country's economic growth. The deficit stood at $1.27 billion in the same month of last year, the State Bank of Pakistan (SBP) reported on Friday.
The measures taken by the central bank to aggressively cut unwanted imports through a significant hike in the benchmark interest rate and attempts to revive exports and earn higher remittances through rupee depreciation helped bring down the current account deficit. The measures, however, have adverely impacted the growth of gross domestic product (GDP) at the same time.
In the first quarter (July-September) of the current fiscal year 2020, the current account deficit fell by 64percent to $1.54 billion compared to $4.28 billion in the same quarter last year.
Alpha Beta Core CEO Khurram Schehzad said that the current account deficit has been reduced with a massive cut in imports through the rate hike. The hike...
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