SBP governor says 'import LCs being opened at interbank rate'

KARACHI: The State Bank of Pakistan (SBP) Governor Jameel Ahmad on Wednesday said that the import letter of credit (LCs) for fuel, medicine and agriculture sectors are being opened at the interbank rate, ARY News reported.

The SBP governor said in a presser that the import ban on non-essential items was imposed to reduce the current account deficit. He added that the matter related to the United Arab Emirates (UAE) $2 billion deposit was resolved.

He said that the current account deficit has been reduced in the last six months due to which SBP is now capable to open specific LCs based on existing deposits.

Jameel Ahmad said the business community should consult their respective banks before the imports besides providing the complete details of containers stopped at Karachi Chamber Port.

He added that the importers can make credit imports from the global suppliers on their own.