FPCCI pens letter to Governor State Bank for opening of LCs

ISLAMABAD: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has written a letter to the Governor of the State Bank of Pakistan requesting the opening of LCs (Letters of Credit) and clearance of raw materials.

In the letter, it is said that an emergency meeting should be called to resolve the issue of clearance of imported raw materials.

According to Vice President FPCCI, Shabir Manshah, who wrote the letter, never in the country’s history has its economic situation been like this resulting in the FPCCI facing intense pressure from various traders and industries.

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In such economic conditions, important measures must be taken on an emergency basis. State Bank has been informing about the non-receipt of imported goods at different times but nothing has been done to rectify the situation, exchange companies should be allowed to buy dollars and import.

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Importers will be able to clear the goods by purchasing dollars from exchange companies, all types of payment should be allowed within the limit of 180 to 365 days, and the facility of open accounts of imported raw materials should be restored. The letter adds that the condition of the banking financial instrument on self-management of imported goods should be removed, FPCCI is deeply concerned about the State Bank’s failure to take steps to deal with the current crisis.

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