The repatriation of profits from Pakistan by foreign companies dropped by 80.4 per cent during the first eight months of the current fiscal year starting from July 2022 to June 2023, according to the data published by the State Bank of Pakistan (SBP) on Tuesday.
The SBP said that the foreign companies remitted $225.1 million in profits and dividends during the period from July 2022 to February 2023 compared to an outflow of $1,146.4 million in the same period of the last fiscal year, reports Xinhua news agency.
The latest data showed that the profit payments on the Foreign Direct Investments (FDI) were $188.1 million from July 2022 to February 2023 compared to $1,037.8 million during the said period in the last fiscal year.
The profit outflows on the Foreign Portfolio Investment (FPI) dropped to $36.9 million in the eight months as compared to $108.6 million during the same period in the last fiscal year, said the SBP data.
While the profit outflows in February were just $4.9 million against $132.9 million in the same month last year.
Also read: Beijing asks bankrupt Pak to release dues for CPEC power firms and allow import of coal
The fifth edition of the historic Indo-Vietnam Joint Field Training Exercise, VINBAX-2024, successfully concluded its…
The 22nd meeting of the India-Russia Working Group on Military technical cooperation and defence industry…
Sylvie Bermann, President of the World Nuclear Exhibition expressed confidence in India's nuclear supply chain…
Joint Awami Action Committee core member Shaukat Nawaz Mir has condemned the attack of police…
Prime Minister Narendra Modi participated in 31 Bilateral Meetings and informal interactions with global leaders…
India and Australia conducted the 11th edition of the Indian Air Force and Royal Australian…