Banks told to begin sugar export process for 0.5m tonnes

The State Bank of Pakistan (SBP) has asked banks to process the export of half a million tonnes of sugar, which may destabilise domestic prices. The sugar industry has been seeking export permission for another 850,000 tonnes of sugar worth about $485 million. The Economic Coordination Committee (ECC) of the cabinet had on Sept 21 allowed the export of 140,000 tonnes of the commodity. Market fears that the rapid increase in exports could push the local prices witnessed many times in the near past.