Pakistan

MNCs witness over 3-fold surge in profit repatriation | The Express Tribune

Published

6 مہینے ago

مارچ 28, 2024

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KARACHI:

The repatriation of profits and dividends by multinational companies (MNCs) from Pakistan to their headquarters abroad surged by 3.4 times, reaching $759.2 million in the first eight months of the current fiscal year 2023-24, thanks to improved foreign currency supplies in the domestic economy.

The sectors leading in profit and dividend dispatches included petroleum refineries, power, and financial businesses in the eight-month period. According to State Bank of Pakistan (SBP) data, repatriation had dropped to $225.4 million in the same period of the previous fiscal year 2022-23, following a decline in foreign exchange reserves to critically low levels.

In February 2024 alone, profit and dividend dispatches amounted to $65 million, marking a 13-fold increase compared to the $5 million sent in the same month the previous year. However, dispatches slowed down compared to the previous month of January 2024, which saw $126.6 million being sent.

Despite the increase, February’s repatriation remained lower than the normal monthly average range of $100-150 million, reflecting the impact of the central bank’s unannounced ban on dispatches in July 2022, which was lifted in August 2023.

Speaking to The Express Tribune, Tahir Abbas, Head of Research at Arif Habib Limited, attributed the resumption of profit and dividend dispatches to the improvement in the country’s foreign exchange reserves. He noted that reserves had recovered to above $8 billion by March 15, 2024, from below $4 billion in June 2023.

Read Banks achieve 86% growth in profits

During the period of low reserves, there was a heightened risk of default on repayment of maturing foreign debt, prompting authorities to temporarily slow down dispatches. Abbas highlighted that foreign companies were not only sending profits and dividends earned in the December 2023-end quarter but also clearing backlogs from the previous period.

The inability to dispatch funds between July 2022 and July 2023 was due to the foreign exchange reserves crisis during that time, as noted by Abbas.

According to an official of the Overseas Chambers of Commerce and Industry, foreign companies typically repatriated funds ranging from $1.5 billion to $2 billion annually. Abbas attributed the recent increase in repatriation to higher export earnings, improved inflows of workers’ remittances, and the disbursement of the International Monetary Fund (IMF)’s $3 billion loan programme, which began in late June 2023.

Abbas estimated that full-year repatriation in FY24 could reach $1 billion, anticipating further increases with the receipt of the third and final tranche of the IMF loan and the government’s intention to secure a larger and longer loan programme after the current one ends in April 2024.

Published in The Express Tribune, March 28^th, 2024.

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Related Topics:3fold Express MNC MNCs Pakistan profit Repatriation surge Tribune witness

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Pakistan

Honda CD70 Dream Latest Price, Installment Plans – Sep 2024 Update – Pakistan Observer

Published

13 گھنٹے ago

ستمبر 20, 2024

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Honda remains leader in bikes market, with its top-selling units like CD 70, and that’s without making any major changes as the entry-level bikes look almost same for a long time. As the CD-70 remains its most selling model, bikes like the CD-70 Dream and Pridor are considered a niche products.

Despite failing to achieve top sales, CD 70 Dream is still in the market, featuring air-cooled, 4-stroke engine that delivers smooth performance and impressive fuel economy, often averaging around 60-70 km/l, making it ideal for daily commuting.

The bike looks better with stylish and modern design with attractive graphics, as compared to simple CD70. People also like its comfort as built quality remains optimum, comparing to other players.

Its pricing makes it accessible to a wide audience, including students and working professionals, solidifying its status as a favorite among motorcycle enthusiasts in Pakistan.

As bikes prices remain out of hands, people are having hard time to upgrade their ride while companies also face low sales.

Honda CD 70 Dream Price

The price of Honda CD70 Dream is Rs168,900 in September 2024.

Honda CD 70 Dream Installments

Installment Plans	Monthly Payments
3 months	Rs56,300
6 months	Rs28,300
9 months	Rs21,890
12 months	Rs17,200
24 months	Rs10,170
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If you live in Lahore or any other city in Punjab; you might have faced difficulties in getting land record in previous years, but now the government made the land verification process smooth with digitization.

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Suzuki Bolan discontinued in Pakistan after 36 years; Here’s replacement for ‘Carry Dabba’ – Pakistan Observer

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Pictures of Suzuki Bolan’s last batch surfaced online, and Pakistanis hit nostalgia as many grew up in this vehicle. The final chassis number marked as 01151691. The country’s oldest automaker and maker of Bolan also confirmed discontinuation of the 800cc Carry Dabba.

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