Karachi July 29, 2024: According to the latest data released by the State Bank of Pakistan, repatriated profits and dividends by foreign entities reached USD 2,215 million in FY24, marking a sevenfold increase from the previous year. This is the highest amount repatriated in the last six years.
In a briefing today, the SBP governor stated that all pending profit and dividend payments have been made, and no payments are pending with the banks, provided the documentation is complete.
The Financial Business sector saw the highest repatriation, with USD 639 million repatriated in FY24, a significant rise from USD 36 million in FY23. The average amount repatriated in the financial business sector is USD 304 million. The previously lower repatriation amounts were due to the limited availability of foreign currency in the country.
Repatriation in the Power sector increased six fold from the previous year to USD 246 million. The highest amounts were paid to coal-based power plants at USD 116 million, followed by thermal power plants at USD 105 million, and hydel-based power plants at USD 25 million.
The Communication sector saw USD 205 million repatriated in FY24, a fivefold increase from the previous year.
During FY24, the highest repatriation of profits and dividends went to United Kingdom-based firms, totaling USD 559 million, which is 28 times more than the previous year.
U.A.E-based firms received the second highest amount, with USD 274 million repatriated, marking a 19-fold increase from the previous year. Over the past five years, the average annual repatriation amount has been USD 91 million.
