Pakistan’s Current Account Turns Red With Deficit of $270 Million in May

Pakistan’s current account balance posted a deficit of $270 million in May 2024, according to data released by the State Bank of Pakistan (SBP) on Friday. The current account balance posted a surplus of $499 million in the previous month i.e. April 2024 while the current account balance posted a surplus of $155 million in the same month of the previous fiscal year i.e. May 2023. During the eleven months of the current fiscal year (11MFY24), the current account balance posted a deficit of $464 million, a significant improvement on the current account deficit of $3.7 billion posted during the same period of the previous fiscal year. Pakistan’s current account posted a deficit in the opening five months of the current fiscal year (FY24) i.e. July-Nov FY24. However, December saw the current account turn green. This was short-lived as the country posted a deficit of $303 million in January. May’s deficit is the first in four months. The current account was green in February, March, and April 2024.