KARACHI: The current account balance has continued to maintain a deficit in the second consecutive month of the current fiscal year 2010-11, showing $189 million negative growth in the balance of payment in August
The State Bank of Pakistan updated figures showed that current account deficit has reached to stand at $189 million in the past two months of the current fiscal year, however, it reflected far stable position if compared with previous fiscal year position when current account was 81 percent high to stand at $1,016 million.
The widening trade deficit coupled with burden of debt payment has impacted negatively on balance of payment that was concluded the outgoing fiscal year in the surplus position. The country’s exports and imports witnessed a significant imbalance as trade deficit widened by 19.54 percent in the first two months of the financial year 2011-12.
The ballooning imports bill of the country that was recorded at $ 7.495 billion in July and August compared to relatively higher exports of $4.167 billion in the same period. The trade balance on the head of service was also registered its red position with 23.5 percent deficit in the said period.