State banks apply pre-approval conditions for imports.
Karachi: The central bank has withdrawn pre-approval conditions for imports and ordered the bank to focus on imports of food, medicine and energy, ARY News reported on Monday.
The Bank of Pakistan asks commercial banks to provide one-time facilitation to all importers. This could extend the payment period to about 6 months, or obtain foreign financing to handle pending import payments.
The decision was made to ease the business community after importers protested over the issue of opening letters of credit.
State Bank of Pakistan in a statement said businessmen and trading entities It pointed out that shipping containers loaded with imported cargo were stuck at the port amid delays in issuing shipping documents by commercial banks.
The central bank has relaxed import pre-approval requirements and advised banks to prioritize imports of basic commodities.
Banks are instructed to process and publish shipping documents and goods that have arrived at ports in Pakistan or shipped before 18 January 2023 until 31 March 2023.
The central bank has also advised banks to intimate their clients with their banks before initiating any import transactions.