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 opposition parliamentary members of the Pakistan-occupied Gilgit Baltistan (PoGB) assembly on Thursday raised their…
Amid the ongoing war in Gaza, Colombian President Gustavo Petro has ordered the opening of…
Indian Navy ships INS Delhi, INS Shakti and INS Kiltan completed their visit to Manila,…
The Indian Ambassador to Nepal, Naveen Srivastava, inspected the construction site of the India International…
Revealing increasing atrocities against members of the Tibet community in China, Human Rights Watch on…
India spent USD 8 trillion in new investments over the past decade, over half of…