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.
Also Read | Supreme Court dismisses custom's plea claiming overvaluation in import of capital goods by Adani
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.