Current account makes new record
Remains in surplus for fifth successive month at $447 million
Despite the wide current account gap, the SBP s foreign currency reserves increased to $16.4 billion in May 2017 compared to $16.1 billion in April 2017 mainly due to a surge in fresh short and long-term loans. PHOTO: REUTERS
Pakistan’s economy has continued to make and break historic records during the Covid-19 pandemic. Its current account balance stayed in surplus - meaning government’s foreign income exceeds its expenditures - for the fifth successive month in November at $447 million.
The development partially helped the country’s foreign currency reserves stay near a three-year high above $13 billion.
RDA may attract $1.5b in 6 months
Non-resident Pakistanis deposited largest amount of $7.7m in a day on Wednesday
Liquid foreign currency reserves held by the country stood at $20,402.4 million.. PHOTO: FILE
The Roshan Digital Account (RDA) initiative, which provides overseas Pakistanis with investment opportunities in areas like saving certificates, stock market and property, is expected to attract $1-1.5 billion over the next six months and build the country’s foreign currency reserves.
The State Bank of Pakistan (SBP) reported that non-resident citizens deposited the largest amount of $7.7 million in a day on Wednesday in their RDA at banks operating in Pakistan. With this, their total deposits grew to $139.4 million in the past three months. Prime Minister Imran Khan had launched the initiative in September 2020. Over 50,000 overseas Pakistanis have so far opened the accounts in eight Shariah-compliant and conventional banks.