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KARACHI: Repatriation of profits and dividends by foreign investors rose sharply by 237 percent during the first eight months of this fiscal year (FY24) due to ease of restriction on outflow of foreign exchange.

The State Bank of Pakistan (SBP) on Wednesday reported that the repatriation of profits and dividends on foreign investment in Pakistan rose by $ 534 million to $759.2 million in July-Feb of FY24, compared to $225.4 million in the same period of last fiscal year (FY23).

Most of the amount was repatriated on account of Foreign Direct Investment (FDI).

According to the SBP, the repatriation of profit and dividend from FDI increased to $703.7 million in the first eight months of this fiscal year up from $188.5 million during the corresponding period of the last fiscal year.

During the period under review, repatriation of profit and dividend on account of portfolio investment increased from $37 million to $55.5 million.

Analysts said that repatriation of profits and dividends is one rose for the past few months as the federal government and the SBP lifted the restrictions imposed on outflow of foreign exchange.

Pakistan is facing a foreign exchange crisis for the two years and last year joined the IMF SBA program to build the sliding forex reserves.

Foreign investors in the equity market and multinational corporations (MNCs) doing business in Pakistan returned $65 million in profits and dividends to their home countries during Feb 2024 as against $5 million were repatriated in February 2023.

According to SBP, an amount of $ 126.4 million was repatriated from the petroleum refining during July-Feb of FY24. The power sector repatriated $109.1 million and financial sector worth $104 million on account of profits and dividends during this fiscal year.

Copyright Business Recorder, 2024

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