Multinational companies are facing challenges in delivering their profits due to a shortage of dollars in the country, according to a report by the global news agency Bloomberg.
As per the Bloomberg report, the severe shortage of the US dollar, which began last year, has resulted in international companies, including Nestle, Unilever, and Philip Morris, being unable to deliver nearly one to two billion dollars from Pakistani banks.
Philip Goh, the Vice President for Asia-Pacific of the International Air Transport Association (IATA), mentioned that there was some improvement in August with expenditures of around $470 million.
However, at the beginning of the current year, foreign companies that wanted to send funds out of Pakistan faced a reduction.
The report further states that the funds of these companies have been stuck in Pakistani banks for the past 18 months.
It is worth noting that the decline in the dollar reserves, as part of the efforts to boost revenue collections in the second phase of the crackdown against hoarding of reserves, has led to raids on the offices of relevant institutions.
The decline in the dollar reserves has led to raids on the offices of relevant institutions.
As a result, the dollar's value in the market has remained on a downward trend.
In the open market, the dollar has become cheaper by Rs48 in one month, and in the interbank market, it is now Rs24.41 cheaper, bringing the value of the dollar back to its level from three months ago."
