|Staff Reporter
Islamabad
In collaboration with State Bank of Pakistan, the Islamabad Chamber of Commerce & Industry (ICCI) organized an awareness session about foreign exchange operations and key developments of SBP related to digitalization of work processes and ease of doing business.
Held on Thursday, the session was attended by Arshad Mehmood Bhatti Director Exchange Policy Department, Muhammad Shakeel Piracha Director Foreign Exchange Operations Department, Muhammad Ammad Ansari Joint Director FEO and other officers of SBP. A detailed presentation was given regarding online portal of SBP, automation of systems and streamlining foreign exchange processes for trade, exports, imports, commercial remittances, private remittances and insurance etc.
Speaking at the occasion, Arshad Mehmood Bhatti Director Exchange Policy Department said that SBP had to place restrictions on advance payment in foreign exchange due to rising trade deficit, fast dwindling forex reserves and many other factors that had created imbalance in the economy.
However, he said that SBP has allowed advance payment in FX to manufacturing industry up to 50 percent of LC for import of raw material and spare parts.
He said that with the reduction in imbalances in economy, SBP would ease out restrictions on advance payments in FX and has already delegated advance payment up to $10,000 to commercial banks.
He urged that business community should discourage the use of hundi/hawala that was harmful for the economy and use legal channels for foreign payments.
Muhammad Shakeel Piracha, Director, Foreign Exchange Operations Department of SBP briefed the participants about online portal and automation of SBP processes.
