No curbs on imports as reserves rise: SBP chief
State Bank of Pakistan (SBP) Governor Jameel Ahmad has stated that there are no import restrictions as foreign exchange reserves have substantially risen. In his message for the 77th Independence Day celebrations at the SBP, Mr Ahmad mentioned that the situation regarding foreign reserves has improved, with reserves rising to $9.3 billion despite ongoing debt repayments. “There have been no import restrictions, and IT exports have risen significantly. These improvements bode well for the economy,” said the SBP governor. However, importers from all sectors of the economy still find it difficult to open letters of credit for imports. They said the SBP has been following a selective import policy, which helped reduce the trade deficit in FY24.