Foreign firms send record $918.1m abroad in May

Pakistan’s central bank allowed foreign companies operating in the country to repatriate a record-high profit and dividend of $918.1 million in May 2024. This move cleared a backlog accumulated over the past two years and helped restore international investors’ confidence in the country. Despite significant foreign payments totalling $2 billion in April and May, the country’s foreign exchange reserves remained stable at over $9 billion until mid-June 2024. The State Bank of Pakistan (SBP) continued to purchase surplus US dollars from the domestic currency markets to maintain this stability.