Current account deficit rose to $1.4bn, decline in remittances and exports. SBP

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State Bank of Pakistan releases alarming numbers about the economic outlook. In an official statement, Pakistan’s central bank revealed that “the current account deficit (CAD) rose to $1.4bn in May. While overall imports fell compared to April, a decline in remittances and exports.”

SBP further stated that “Moreover, excluding in-kind imports that are fully financed and thus do not undermine sustainability of the CAD, the deficit was more modest at $1bn.”

State Bank of Pakistan also mentioned the rupee’s depreciation in its official statement. “Rupee depreciation saw the REER index fall to 93.57 in May, a decline of 2.4% compared to April”, the statement reads.

PTI’s spokesperson on economy Muzammil Aslam reacted to SBP’s report. In his official response, he criticized Shahbaz regime, “SBP admission of decline in exports & remittances in May (just second month) of their govt. What else proofs one need to know about their incompetency. Let me tell you June is even more horrible.”

SBP’s report indicates that economic indicators are not satisfactory and claims being made by the Shahbaz government regarding the revival of  economy are baseless.