Pakistan, July 20 -- a current account surplus, record-high remittances, and still, no dollars. According to the latest data, the country posted a surplus of $2.1 billion in June, pushing the annual current account balance into the black for the first time in 14 years.

Meanwhile, inflows from overseas diaspora have also hit $38.3 billion, the highest ever recorded. One would assume a steady external sector, which exists, but only on paper. Word on the street is that everyone from students and travellers to patients is struggling to get forex from banks.

This contradiction lays bare a deeper structural fault. Even if dollars are entering the country, they're not moving through the formal system as they should. The informal market is thri...