Consignments, LCs: Useful meeting with SBP governor held: minister

KARACHI: Federal Minister of Commerce, Syed Naveed Qamar Monday held a meeting with State Bank Governor Jameel Ahmad and other officials of the central bank to discuss the issues of stuck-up consignments, opening of Letters of Credit (LCs), facilitating business community and to device a mechanism.

“Useful meeting today with Governor SBP and his team regarding problems of exporters. Decision, in principle, to give priority to exporters in imports, LCs, etc,” Qamar tweeted.

Secretary Commerce, Special Secretary Commerce and Secretary Trade Development Authority of Pakistan (TDAP) were also present in the meeting which was held at SBP Headquarter.

According to officials of the Ministry of Commerce, Syed Naveed Qamar discussed the stuck-up consignments and opening of LCs with SBP Governor who assured the Commerce Minister that the central bank will try to resolve the issues faced by businesses and trade due to changed regulatory framework of foreign exchange.

The Commerce Minister and the Governor SBP agreed on close coordination for effective implementation of policies along with improved regulatory environment for economic development, enhancing exports, minimize current account deficit, which will alleviate pressure on consignments stuck-up at the Karachi Port.

The restrictions imposed by SBP on opening of L/C and issuance of EIF, etc, for release of import consignments were discussed in detail, consignments stuck due to non-compliance with the conditions/restrictions contained in Import Policy Order, 2022 and floods in Sindh and Balochistan and the damage to road infrastructure and non-availability of transport which affected the movement of cargoes to upcountry from ports.

The federal minister said the State Bank should review its policies in order to reinstate trade and industry’s activities vigorously besides facilitating business community.

Copyright Business Recorder, 2022