Pakistan's Profits Outflow Surge 477 Percent in First 11 Months of FY24

Data available at the State Bank of Pakistan (SBP) website showed that profits and dividends rose to 1.805 billion U.S. dollars from July 2023 to May 2024 as compared to 313.1 million dollars recorded in the same period of the last fiscal year.

Foreign investors repatriated 918 million dollars as profit and dividends in May this year, after the SBP relaxed its policy to control the outflows.

The SBP had restricted the outflow of profits and dividends unannounced from the country last year to save its reserves, said local economists, adding that the policy was relaxed after a good inflow of remittances from overseas Pakistanis during this year.

According to the SBP, foreign direct investment in Pakistan was less than the outflows as it witnessed a growth of 15 percent to 1.72 billion dollars from July 2023 to May 2024.

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