KARACHI  - Pakistan’s current account deficit for the July-November period of the 2012-13 fiscal year was $365 million, compared with a deficit of $2.341 billion in the same period last year, the State Bank said on Tuesday.
In November, the current account deficit was $638 million. The current account deficit for the 2011/12 fiscal year was $4.634 billion compared with $214 million in the 2010/11 fiscal year.
“This was positive mainly because of lower commodity prices and the gap between imports and exports was lower,” said Ahsan Mehanti, an analyst at Arif Habib Corp. “At the same time, there was higher foreign investment in the country and higher remittances. There was a higher rupee to dollar value.”