Reverse remittances grow to $142 million

 
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KARACHI Aug, 26 (TNS): Profits and dividends on foreign direct investment (FDI) repatriated in July amounted to $142 million compared to $125m in the same month of last fiscal year, the central bank reported on Friday.

FDI in July was significantly higher than a year ago. It amounted to $222.6m compared to $84.7m in July 2016. However, the repatriation of profits in July this year was not as high as FDI inflows.

Total reverse remittances on foreign investments in July were $164m compared to $145.8m in the corresponding period of last fiscal year.

Pakistan received substantial remittances in July, which is a healthy sign for the economy. But reverse remittances are a problem for the country that is already facing a decline in foreign exchange reserves.

In 2016-17, foreign companies sent abroad $2.1 billion as profits and dividends.