Islamabad, Nov 22 (IANS): The State Bank of Pakistan (SBP) said the country's current account deficit decreased 68 per cent in October from a year earlier owing to decline in imports.

In a statement on Monday, the SBP said the current account deficit was $0.57 billion in October compared with a deficit of $1.78 billion in the same month last year, reports Xinhua news agency.

During the first four months (July-October) of fiscal year 2022-2023, the current account deficit was $2.8 billion, down from $5.3 billion in the corresponding months of the last fiscal year, the figures showed.

Imports fell by $2.7 billion in the first four months of the current fiscal year, and exports increased by $0.2 billion compared to July-October of the previous fiscal year, said the statement.

As per the monetary policy, the bank expects the current account deficit to remain at 3 per cent of gross domestic product during the current fiscal year.