23.9 C
Karachi
Friday, March 29, 2024
- Advertisement -
 

State Bank takes back prior-approval condition for imports

TOP NEWS

Web Desk
Web Desk
News Stories Posted by ARY News Digital Team

KARACHI: The central bank has withdrawn the condition of prior approval for imports and directed banks to give priority to imports of food, pharmaceuticals, and energy, ARY News reported on Monday.

The State Bank of Pakistan asked commercial banks to provide one-time facilitation to all those importers who could extend their payment terms to around 6 months or arrange funds from overseas to deal with the pending import payments.

The decision has been taken to ease the business community after importers protested against difficulties in opening letters of credit.

The State Bank of Pakistan in a statement said than businessmen, including various trade bodies, have pointed out that shipping containers carrying imported goods are stuck at the ports amid delays in the release of shipping documents by commercial banks.

The central bank relaxed the requirement of prior approval of imports and gave guidance to banks to prioritize the import of basic items.

The banks have been advised to process and release documents of shipments and goods that have already arrived at a port in Pakistan or have been shipped on or before January 18, 2023, till March 31, 2023.

Central bank has also advised banks to guide their customers to intimate their banks prior to the initiation of any import transaction.

- Advertisement -
- Advertisement -
 

POLL

Will the PML-N led govt be able to steer Pakistan out of economic crisis?

- Advertisement -
 

MORE STORIES