SBP’s curbs on LC: Indus Motor plans to shut production for over 2 weeks
- Firm will officially announce its decision through media after meeting on Tuesday
KARACHI: The Indus Motor Company (IMC) commonly known as Toyota company is planning to shut its production of all variants for more than two weeks by August 2022.
According to the official sources, the company is planning to extend its non-production-day (NPD) for more than two weeks by August 2022 but the final decision would be made after the meeting to be convened on July 26 (Tuesday).
Sources said the IMC, which had observed two-week NPD in July 2022 was going to convene a meeting on July 26 to discuss all issues related to the extension of NPD, customers’ payments, etc. Later, the company will officially announce its decision through media.
The restriction imposed by the State Bank of Pakistan on the opening of LC to the different business sectors including the automobile industry has not only compelled the auto assemblers to observe NPD in July but also caused delays in the deliveries.
“If the restriction persists, not only IMC but all auto assemblers will have no option but to extend NPD for a month or two until the situation will get normal,” the sources said.
The SBP, after the unabated rupee devaluation, has imposed restriction on the opening of LC, disrupting the assembly lines of almost all auto assemblers that is causing delays in deliveries.
Copyright Business Recorder, 2022
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