In the wake of changing global trade practices and to facilitate exporters, the State Bank of Pakistan (SBP) has relaxed its foreign exchange regulations allowing exporters to directly dispatch transport documents to the buyers abroad against shipments valuing upto US Dollar 100,000 or equivalent.
This was announced in a statement issued by the SBP here on Monday.
It said that the authorized dealers (banks) have been advised to above effect vide F.E. Circular No. 11 issued today by the State Bank.
The development is expected to provide manifold benefits to the local exporters including reducing the cost of doing business, efficient processing of export documents and improving competitiveness of Pakistani exports in the international market.
Earlier, the carriers (shipping companies, airlines, railways, etc.) were required to draw the transport documents (bills of lading, airway bill, railway receipts, etc.) only to the order of an authorized dealer for exports taking place from Pakistan and the same were required to be dispatched to the buyer abroad through an authorized dealer.—APP