Withdrawal of limitation on issuance of LC to boost trade


United Business Group (UBG) in the Federation of Pakistan Chamber of Commerce and Industry Thursday said that withdrawal of State Bank of Pakistan’s limitations on issuance of letter of credit will provide impetus to industrial and agricultural sectors for boosting their productions.

Talking to a delegation of industrial and agricultural importers led by Momin Ali, the UBG Chairman Shahzad Ali Malik said industrial and agricultural sectors were suffering a lot due to restrictions on the issuance of letter of credit for importing raw materials which he added is the main sources for the production.

He said it’s a good omen that SBP has relaxed the restrictions and issued directions to all commercial banks to process the requests of importers keeping in view their risk profile and liquidity conditions prevailing in foreign exchange markets.

He said UBG brought this genuine burning issue confronted by the business community to the knowledge of higher authorities including Finance Minister Ishaq Dar and Governor Punjab Engineer Baligh Ur Rehman to resolve the issue to promote trade and business in the country.

He said special permission on UGB request has also been given to such projects for imports which are near completion and 75% of machinery and plants had already been imported.—APP