Lack of timely payments by banks: Importers facing demurrage & detention charges: FPCCI

LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Chairman Muhammad Nadeem Qureshi said that due to lack of timely import payments by commercial banks, importers are facing demurrage and detention charges and businesses are being badly affected.

He added that the dollar’s high flight is continuing and the value of the rupee is declining; the present situation has not been suitable for business.

He said Prime Minister of Pakistan Mian Shehbaz Sharif and Finance Minister Miftah Ismail should intervene and control the situation.

He said that if the bank does not pay on time, the Containers are lying at the ports, causing the importers to be charged with demurrage and detention charges. Besides, the commercial banks are receiving up to 130 percent cash margins due to the uncertainty of the dollar rate, which needs to be reduced.

Nadeem Qureshi further said that if the situation is not favourable for business, the cost of doing business will increase, leading to our products being out of competition in the international market. If the commercial importers sit, then the industries will not be able to operate and exports will decrease.

Muhammad Nadeem Qureshi appealed to Prime Minister of Pakistan Mian Shehbaz Sharif, Finance Minister Miftah Ismail and acting Governor State Bank to take emergency measures to control the dollar rate and commercial banks should be obliged to pay timely imports payments.

Copyright Business Recorder, 2022