The current account deficit lowered to 1.21 billion U.S. dollars in July compared to 2.19 billion in June, recording a 44.7 percent month-on-month drop, data released by the SBP showed.
The decline was attributed to a sharp drop in energy imports and continued moderation in other imports.
"The narrower deficit is the result of wide-ranging measures taken in recent months to moderate growth and contain imports, including tight monetary policy, fiscal consolidation and some temporary administrative measures," said the SBP.
However, on a year-on-year basis, the July figure was compared to a current account deficit of 0.85 billion U.S. dollars in July 2021, showing an increase of 42.4 percent.
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