Islamabad: Pakistan’s balance of payments (BoP) remained positive in the first quarter of the fiscal year 2025, supported by a modest current account surplus of $119 million in September and a cumulative surplus of $98 million for the quarter. This financial performance comes despite significant loan repayments and increased imports recorded by the State Bank of Pakistan (SBP).

According to JS Global, the surplus was primarily fueled by higher remittances and a controlled trade deficit. Notably, for the third consecutive month, SBP’s import figures, particularly in agriculture, metals, and food sectors, were higher than those reported by the Pakistan Bureau of Statistics (PBS). Without this discrepancy, the current account balance for the first quarter could have shown a surplus of as much as $2.1 billion. The positive current and capital account figures have not only pushed the BoP into favorable territory but also boosted SBP’s foreign exchange reserves to a two-year high of $10.7 billion, improving the import cover ratio to over 2.1 times.