State Bank's gesture: importers can make advance payments up to $10,000: PCDMA

State Bank of Pakistan (SBP) Governor Dr Raza Baqar, while agreeing to the suggestion of Pakistan Chemicals & Dyes Merchants Association (PCDMA), has removed restriction on advance payment of dollars, hence, importers can now make advance payments of up to $10,000 through banks. The State Bank of Pakistan imposed the restriction on advance payment of dollars in 2018.

The Governor State Bank during a meeting with PCDMA delegation led by its Chairman and Former Director of Pakistan Stock Exchange, Amin Yousuf Balgamwala assured them to remove restrictions on opening L/C or bank contract for advance payments of up to $10,000. PCDMA delegation also comprised of Vice Chairman Asif Ibrahim, Former Chairman Haroon Agar, Arif Balgamwala, Nasir Fateh Kukda, Arif Kapoor and Senior member Hafeez Mohammad.

Dr Reza Baqar said that economy of the country is going in right direction and we can see improvement and stability in coming days. We have done more than what the IMF has determined for us, which is a positive step. About fluctuation of currency, he said it depends on the market which settles its worth but State Bank monitors the situation and stops artificial increase. He said things will improve by increasing the number of taxpayers. "We can boost economic activities by documenting economy and providing facilities to SME.

PCDMA Chairman Amin Yousuf Balgamwala said commercial importers are facing problems in opening of LC and bank contract following the restriction of advance payment of $ 10,000 which should be resorted.

He held detailed discussion on currency fluctuation, interest rate and current situation of the economy. He said that meeting with Governor State Bank will be beneficial and fruitful and hoped that Pakistan will overcome deficits.

He also invited State Bank Governor to visit PCDMA which was accepted by him.-PR

Copyright Business Recorder, 2019