Pakistan’s current account posted a record surplus of $1.2 billion in March 2025, reversing a revised deficit of $97 million from the previous month, data released by the State Bank of Pakistan (SBP) showed on Thursday. On a year-on-year basis, the surplus surged 230% from $363 million recorded in March 2024. According to brokerage firms Topline Securities and Arif Habib Limited, March 2025 marked the “highest-ever monthly current account surplus” in the country’s history. The robust performance brought the cumulative current account surplus to $1.86 billion during the first nine months of FY2024-25, a sharp turnaround from a $1.65 billion deficit in the same period of the previous fiscal year. “With oil prices down and remittances hitting record levels, Pakistan’s current account is expected to remain in surplus through June FY25, and possibly into FY26, supporting overall investor confidence,” said Khurram Schehzad, Advisor to the Finance Minister. Exports of goods and services in March stood at $3.51 billion, up 8.7% from $3.23 billion in the same month last year. Imports rose 8% year-on-year to $5.92 billion. Workers’ remittances surged to $4.05 billion in March, marking a more than 71% increase from the previous year, a key factor in the current account turnaround. Analysts say low economic growth, persistently high inflation, tight monetary policy, and import restrictions have all contributed to narrowing the current account deficit, alongside improving exports. Separately, the total liquid foreign reserves of Pakistan stood at US$ 15,662 million as of April 11, 2025 while the State Bank of Pakistan held reserves shrunk to $ 10,572.4 million. “During the week ended on 11-Apr-2025, SBP reserves decreased by US$ 127 million to US$ 10,572.4 million due to external debt repayments,” the central bank reported on Thursday in its weekly statement on liquid foreign reserves position. Meanwhile, the net foreign reserves held by commercial banks also increased to $ 5,089.6 million, the breakup of the foreign reserves for the period under review shown. Total liquid foreign reserves held by the country, in the previous week ended on April 04, 2025, were $ 15,752.7 million. Among them the central bank held foreign reserves recorded as $ 10,699.4 million while reserves of $ 5,053.3 million were held by the commercial banks. Meanwhile, Federal Finance Minister Muhammad Aurangzeb is scheduled to visit the United States next week to attend the annual spring meetings of the International Monetary Fund (IMF) and the World Bank, as Pakistan prepares to present its federal budget for the fiscal year 2025-26 before Eidul Adha. According to sources in the Ministry of Finance, the government has made a preliminary decision to present the upcoming budget ahead of Eid. In light of the Eid holidays, an early session of Parliament is under consideration for the budget announcement. The federal budget is likely to be tabled in Parliament between June 3 and 5, with a possibility of it being presented two to three days before Eidul Adha. The budget approval process is expected to begin immediately after the Eid holidays. Consultations with the IMF on the upcoming fiscal plan are also scheduled, with an IMF mission due to arrive in Pakistan on May 14. Key targets, including annual tax revenue and the development budget, will require IMF approval as part of ongoing discussions. Meanwhile, Finance Minister Aurangzeb will represent Pakistan at the IMF and World Bank spring meetings, which will be held in Washington, DC from April 21 to 26.