Issues related to foreign exchange to be addressed soon: SBP governor

KARACHI: Governor of State Bank of Pakistan (SBP) Jameel Ahmad has assured the business community of resolving the issue of restrictions on dollar soon, as manufacturers projected dim prospects regarding industrial production if import of raw materials remains blocked.

Speaking at a dinner hosted by Qaiser Ahmed Shaikh, the chairman of the National Assembly’s Standing Committee on Finance and Revenue, here on Wednesday night, the governor urged the businesspeople to come up with practical proposals aimed at minimising their problems.

He said that SBP will hold a meeting with representatives of the FPCCI and KCCI on Jan 18 to look for ways to solve the issues faced by the business community. “I am personally very worried over the situation,” he remarked.

The country has limited resources, with more issues cropping up on the foreign exchange side, said the SBP governor.

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“We are open to suggestions from you and I assure you that we will consider them.”

Jameel Ahmad hoped that the situation will improve once inflow of forex will begin. The SBP has introduced a revised scheme to solve the problems of exporters, pharmaceutical sector and importers of essential commodities after receiving their suggestions on changing and withdrawing certain restrictions placed in May and July of 2022.

He made it clear that the SBP will continue to support all sectors equally to maintain a balance, keeping in mind the limited resources available. In response to a question, he replied that the SBP has instructed the banks to facilitate the import of pharmaceutical raw materials, life-saving drugs and medical equipment.

Speaking on the occasion, former president of the FPCCI Zubair Tufail expressed concerns over a blanket restriction on import of raw materials, saying that the move will bring the industrial sector to a complete halt.

Copyright Business Recorder, 2023