Pakistan’s current account turned positive in Feb-2024.

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Pakistan’s current account turned positive in February 2024, reporting a Current Account Surplus (CAS) of US$128mn after a notable Current Account Deficit (CAD) of US$303mn in January 2024. CAD for 8MFY24 was US$999mn vs. US$3,846mn in 8MFY23.

Pakistan’s Total Debt and liabilities as a percentage of GDP stood at 85.3% in 2QFY24, down from 90.38% in 4QFY23. Domestic Debt as a percentage of GDP stood at 44.72%, and External Debt as a percentage of GDP stood at 29.66% in 2QFY24.

The country’s foreign exchange reserves in February 2024 were up 3% Month over Month to US$13bn. However, the reserves held by the State Bank of Pakistan (SBP) were down 3% Month over month to US$7.9 bn in February 2024.

Pakistan’s CPI inflation clocked in at 23.06% YoY in Feb-2024 compared to 28.34% in Jan-2024. This came better than industry expectations. This is also the lowest inflation in 20 months and down from a peak of 38% seen in May 2023. On a MoM basis, CPI inflation remained flattish, with just a 0.03% rise in Feb-2024 compared to an increase of 1.8% in Jan-2024. In 8MFY24, average inflation clocked in at 28.03% compared to 26.16% in 8MFY23.

Courtesy – Topline Pakistan Research 

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