SBP to settle importers’ payments in two days

The State Bank of Pakistan has assured the business community of clearing all backlog import-related payments of less than $50,000 within two days, said a statement issued by the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) on Wednesday. Sharing this breakthrough with trade and industry, FPCCI President Irfan Iqbal Sheikh said the central bank had agreed to clear or settle all the backlog and stuck payments within two days (which fall under chapters 84 and 85 of the customs tariff) and if their invoice values did not exceed $50,000. Mr Sheikh maintained that the apex chamber had been working relentlessly over the past couple of months on the issue of delayed clearance of dollar payments of importers; and, finally, after multiple detailed rounds of consultative sessions, the central bank has agreed in principle to at least release all payments in the range of $50,000 or less.