January 23, 2020 (MLN): Outflow of profits and dividends during the first six months of the current fiscal year did not show any significant change, as it rose only by 10% YoY to $836.3 million from $759.5 million recorded in Jul-Dec FY19.
According to the country-wise data released by State Bank of Pakistan (SBP), the United Kingdom witnessed the highest profit repatriation during Jul-Dec FY20. It repatriated $176 million, up by 3% YoY. In December 2019, UK repatriated $10.5 million from Pakistan.
The USA emerged as the second country with high-profit repatriation from Pakistan, as it repatriated $132.8 million, compared with $125.8million, depicting the growth of 6% YoY in the aforementioned period. The profit repatriation was recorded at $13.3 million during December 2019.
Third in line is Hong Kong which repatriated $100 million from Pakistan during 1HFY20 when compared with $17.7 million in the corresponding period of the last fiscal year, signifying the growth of 5.6 times YoY. Profit outflows from Pakistan to Hong Kong in December 2019 stood at $10.6 million.
This was followed by China with profit repatriation of $92.4 million, up by 132% YoY and Switzerland with $63.5 million, showing a growth of 9% YoY during Jul-Dec FY20.
