SBP should review policies to reinstate trade, industry: Naveed

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Federal Minister Commerce for Federal Minister Commerce Syed Naveed Qamar, Secretary Commerce, Special Secretary Commerce and Secretary TDAP held meeting with Governor State Bank of Pakistan and other officials of SBP to discuss the issues of stuck-up consignments, opening of Letters of Credit, facilitating Business Community and to device a mechanism.

Minister Commerce discussed the stuck up consignments and opening of LCs with SBP Governor who assured the Commerce Minister that the central bank will try to resolve the issues faced by businesses and trade due to changed regulatory framework of Foreign Exchange.

Commerce Minister & Governor SBP agreed on close coordination for effective implementation of policies along with improved regulatory environment for economic development, enhancing exports, minimize current account deficit which will alleviate pressure on consignments stuck up at the Karachi Port.

The restrictions imposed by SBP on opening of L/C and issuance of EIF, etc. for release of import consignments were discussed in detail, consignments stuck due to non-compliance with the conditions/ restrictions contained in Import Policy Order, 2022; and floods in Sindh and Balochistan and the resultant damage to road infrastructure and non-availability of transport which impacted on the movement of cargoes to upcountry from the ports.

The Federal Minister reiterated that the State Bank should review its policies in order to reinstate trade and industry and facilitate business community.