business

May 27, 2023

Profit repatriation plunges 82.69pc in July-April

KARACHI: Repatriation of profits and dividends on foreign investment in Pakistan fell 82.6 percent to $253.4 million in 10 months of the current fiscal year, central bank data showed on Friday.The decline was attributed to capital controls imposed by the country to manage its dollar shortage. Pakistan's foreign exchange reserves have been rapidly depleting due to a stalled lending programme from the International Monetary Fund and the country is at risk of default. The forex reserves held by...