SBP lifts curbs on import of essential items

The State Bank of Pakistan has eased imports of several essential items required as raw material and some basic needs of the exporters. A circular issued by the SBP on Tuesday stated that the central bank had decided to withdraw its instructions with effect from Jan 2, 2023, paving the way for acceptance of requests for import transactions already submitted to the SBP. Earlier, under circulars issued in May and July this year, the authorised dealers (banks) were required to seek permission from the SBP’s Foreign Exchange Operations Department before initiating any import transaction. Though the main hurdle in the way of imports is the country’s poor foreign exchange that still persists, the State Bank came out to facilitate the economy heading fast to hit rock bottom.