Due to the shortage of dollars in the country, multinational companies arefacing difficulties in sending profits abroad. According to Bloomberg’sreport, due to the severe shortage of dollars that began last year, globalcompanies including Nestlé, Unilever, and Philip Morris have accumulatednearly one to two billion dollars in profits in Pakistani banks.
The Vice President of the International Air Transport Association’sAsia-Pacific division, Philip Goh, recently stated that there has been someimprovement in August with an expenditure of 470 million dollars.
However, at the beginning of the current year, non-resident companies thatwanted to send funds out of Pakistan faced a shortage. The report alsomentions that company funds have been stuck in Pakistani banks for the past18 months.
It’s worth noting that the crackdown on reserves to boost revenue in thesecond phase of the crackdown against hoarding of dollars by relevantauthorities has kept the dollar’s price in the market low.
Read Top Stories
In the open market, the dollar has become cheaper by 48 rupees in onemonth and 24 rupees and 41 paise in the interbank market, bringing thedollar’s value back to the level it was three months ago.