ISLAMABAD – Pakistan posted a staggering $2.1 billion current account surplus for the fiscal year, which is reportedly highest in 22 years, according to data released Friday by the State Bank of Pakistan (SBP).
The central bank confirmed development in a dramatic rebound, which comes despite facing serious global and domestic headwinds. May saw a temporary $103 million dip due to external debt repayments and widening trade pressures, June roared back with a $328 million surplus, propelling the full-year figure into historic territory.
Government officials termed it as defining moment, saying milestone not seen in over two decades. Remittances also soared by a jaw-dropping 27% year-on-year, smashing records to hit $38 billion whereas textile exports climbed to $17.9 billion.
Pakistan Stock Exchange’s KSE-100 Index shattered all ceilings, crossing 140,000 points for the first time ever. The total market value is now an eye-popping Rs 16.8 trillion, nearly $60 billion!
The incumbent government members hailed surplus as a clear signal that “Pakistan’s economy is back on the path to stability, crediting the surge in remittances and export strength for the economic revival and confirmed that foreign exchange reserves.
