Worrisome news about shortage of US Dollars in Pakistan
Shares
Due to the shortage of dollars in the country, multinational companies are facing difficulties in sending profits abroad. According to Bloomberg's report, due to the severe shortage of dollars that began last year, global companies including Nestlé, Unilever, and Philip Morris have accumulated nearly one to two billion dollars in profits in Pakistani banks.
The Vice President of the International Air Transport Association's Asia-Pacific division, Philip Goh, recently stated that there has been some improvement in August with an expenditure of 470 million dollars.
However, at the beginning of the current year, non-resident companies that wanted to send funds out of Pakistan faced a shortage. The report also mentions that company funds have been stuck in Pakistani banks for the past 18 months.
It's worth noting that the crackdown on reserves to boost revenue in the second phase of the crackdown against hoarding of dollars by relevant authorities has kept the dollar's price in the market low.
In the open market, the dollar has become cheaper by 48 rupees in one month and 24 rupees and 41 paise in the interbank market, bringing the dollar's value back to the level it was three months ago.
