According to AON, the move effectively placed the indigenous carriers at a massive disadvantage, the Nigerian economy and the jobs of youths and huge capital flight
The Airline Operators of Nigeria has called on the Federal Government to support domestic carriers, saying that foreign airlines had dominated the country's airspace resulting in about $3bn capital flight
Sterling would rise if the opposition Labour Party won an election, the party's finance policy chief John McDonnell told the Sunday Times, playing down the idea that a socialist government could trigger capital flight
The fall in the rupee's value comes a day after Prime Minister Imran Khan set up a committee to control devaluation of the local currency and capital flight
The committee headed by Adviser to the PM on Finance Dr Hafeez Shaikh was formed on Wednesday during a meeting in which members of the Exchange Companies Association of Pakistan (ECAP) apprised the prime minister about various factors involved in capital flight
and devaluation of the rupee against the dollar.
It said the pace of easing will likely be gradual amid more challenging external conditions and persistent risks of capital flight
. "We forecast the CBE's overnight deposit and lending rates to end 2019 at 14.75% and 15.75% respectively, implying a cumulative 200 basis points (bps) worth of cuts this year," the statement said.
Summary: Monetary authorities keep local rates higher than Fed rates to prevent capital flight
In a statement from abroad, He said that Pakistan has suffered from the capital flight
because of various factors and this resulted in a huge stock of assets of Pakistani nationals abroad, while the country suffered from the cash flow.
The worst year in terms of capital outflow, before last year, was the 2010-11, when capital flight
totaled $25 billion.
Alarming capital flight
The 20pc year-on-year drop in FDI last month, despite a CPEC fuelled 2.4pc expansion over Jul-Apr (y-o-y), ought to ring alarm bells in the finance ministry as well as the state bank.
The Gulf kingdom is trying to balance boosting growth and averting capital flight
that would put pressure on the peg.
Among the blessed treaties was an accord with the Kyrgyz republic on stimulating investments and mutual enterprise, another with Armenia on mutual legal assistance in penal cases, a protocol for amending the treaty for forming the World Trade Organization, another regarding the Paris Agreement on Climate Change, a protocol for modifying an accord with India on averting double taxation and preventing capital flight
with respect of taxes.