Respite for importers as SBP withdraws import restrictions from Jan 2
Business
Respite for importers as SBP withdraws import restrictions from Jan 2
KARACHI (Web Desk) - The State Bank of Pakistan (SBP) has decided to roll back the restrictions placed on imports with effect from January 2, 2023.
The central bank issued a circular to the presidents and chief executives of all authorised dealers in foreign exchange the other day.
“Attention of the Authorised Dealers (ADs) is invited to EPD Circular letter No. 9 of May 20, 2022 and Circular letter No. 11 of July 5, 2022 wherein ADs were required to seek prior permission from Foreign Exchange Operations Department SBP-BSC before initiating any import transaction pertaining to HS Code Chapter 84, 85 and certain items of Chapter 87,” teh circular said.
“It has now been decided to withdraw the above instructions with effect from January 2, 2023. Consequently, requests for import transactions already submitted to SBP-BSC pertaining to above referred HS Codes stand returned to the ADs for appropriate disposal at their end.”
However, the SBP said ADs might prioritise or facilitate imports under essential imports, energy imports, imports by export-oriented industry, imports for agriculture inputs, deferred payment / self-funded imports and import for export-oriented projects near completion.
In May last, the Shehbaz-led government has imposed ban on the import of non-essential and luxury items in a bid to stop devaluation of rupee, strengthen economy, and reduce country s reliance on imports.
Information minister Marriyum Aurangzeb told a presser that the country’s economy had been ruined during the past four years and the rupee depreciated all-time low to Rs189 during the four years of imported government, imported advisers and spokespersons.
She said luxury imported items, including vehicles, mobile phones, home appliances, dry and fresh fruits, crockery, private weapons, decoration items, preserved and frozen food items, sanitary where, doors and windows, beauty and confectionary items.
