Dollar outflow plunges

The repatriation of profits and dividends on foreign investments plunged to just $46.8 million in November against the first four months’ average of $120m, reflecting restriction on dollar outflows amid falling foreign exchange reserves. The data issued by the State Bank of Pakistan on Wednesday showed the multinationals remitted $532.2m to their respective destinations abroad during the July-November period of 2023-24. Bankers believe that the dollar outflow was higher during the talks with the IMF team for the release of the second tranche of $700m under the nine-month $3bn Stand-By Arrangement. “The government is trying to manage the inflow and outflow of dollars to keep the current account deficit at the minimum level till the end of FY24,” said a banker.