SBP rebuffs rumours about restriction on LCs for import of oil, LNG
- By Web Desk -
- Dec 02, 2022
KARACHI: The State Bank of Pakistan (SBP) has rejected the rumours about the restrictions imposed on the opening of Letters of Credit (LCs) or contracts for the import of crude oil, liquefied natural gas (LNG) and other petroleum products.
In a statement, the central bank said it has not placed any restriction on opening of Letters of Credit (LCs) or contracts for import of crude oil, LNG and petroleum products.
“Such misinformation is being spread with ulterior motives to create uncertainty in the market,” the central bank added.
“In fact, SBP ensures timely processing of FX payments through banks related to import of oil and gas products (including LNG) and in accordance with the contractual maturity of the trade documents,” it added.
The SBP stated that it ensures the timely processing of foreign currency payments through banks related to the import of oil and gas products (including LNG) and in accordance with the contractual maturity of the trade documents.
“All the LCs/contracts for oil import are being retired on their due date through interbank foreign exchange market without any delay,” it maintained.
It concluded by stating, “The same is also evident from trade data released by State Bank of Pakistan (SBP) in terms of which country’s oil import stood at US$1.48 billion and US$1.47 billion for the month of Sep-22 and Oct-22 respectively”.