KARACHI: In order to meet another demand of the International Monetary Fund (IMF), the State Bank of Pakistan has removed all restrictions on imports and directed to the banks to provide required foreign exchange to to their clients for imports .
The Exchange Policy Department of the SBP issued the circulars /notifications to this effect on Friday.
Its titled EPD Circular Letter No. 10 of 2023 June 23, 2023
It addresses to the Presidents / Chief ExecutivesAll Authorized Dealers in Foreign Exchange
It said “Attention of the Authorized Dealers is hereby invited to EPD Circular Letter No. 20 dated December 27, 2022, wherein an advisory was issued to the Authorized Dealers to prioritize certain types of imports/sectors.
2. In view of the representations received from various stakeholders, it has been decided to withdraw the above instructions with immediate effect. Furthermore, the instructions contained in EPD Circular Letter No. 09 dated May 20, 2022 and EPD Circular Letter No. 11 dated July 05, 2022 shall remain withdrawn.
3. Authorized Dealers are advised to bring the above instructions to the knowledge of all their constituents”.
IMF had made demand from Pakistan to remove ban on imports with immediate effect
Pakistan had imposed partial ban on imports in 2022 with a purpose to strengthen Forex reserves but it worked adversely . The ban on imports slowed down the economic activities in Pakistan and discouraged foreign direct investment in Pakistan.
With removal of ban on imports, Pakistan will hopefully return to normal business.
