Pakistan’s dollar account records 3rd monthly surplus in 11 months
Pakistan is usually in deficit or loss because it spends more dollars than it earns. As per the latest data, the country recorded a surplus of $424 million in July, a turnaround from a deficit of $100 million in the preceding month. The last time surplus of $344 million was recorded in May 2020.
All thanks to a record high amount of remittances the country received in last month.
Pakistanis abroad sent home remittances worth $2.77 billion in July, which was the highest amount of dollars Pakistanis overseas have ever sent back to their families. Another factor that helped improve the current account situation was exports.
Exports went up 19.7% in July, after a 25.5% growth in June. This happened because coronavirus cases dropped in Pakistan and many countries such the UAE started importing from us again.