KARACHI: Eyeing higher foreign direct investment (FDI) in the country, the State Bank of Pakistan (SBP) on Tuesday announced a new and more “transparent mechanism, with complete delegation to banks”, to help make remitting disinvestment proceeds convenient.
In a press release, it said the new method differs from the prior one in that it does not require companies’ designated banks to seek approval from the SBP before remitting the disinvestment proceeds “above market value for listed securities, and above breakup value for unlisted securities”.