Hi everyone! I hope you are all doing well. Welcome back to another blog. This article will discuss the topic in detail “State Bank Lifts Import Restrictions”. In a recent circular addressed to Authorized Dealers, the State Bank of Pakistan (SBP) has taken the decision to withdraw its previous advisory that emphasized the prioritization of specific types of imports and sectors. The circular, bearing reference to EPD Circular Letter No. 20 issued on December 27, 2022, highlighted the initial advisory to Authorized Dealers, which aimed to allocate priority status to certain import categories and sectors.
After careful consideration of feedback received from various stakeholders, the SBP has decided to rescind the aforementioned instructions with immediate effect. Furthermore, the instructions outlined in EPD Circular Letter No. 09 dated May 20, 2022, and EPD Circular Letter No. 11 dated July 05, 2022, will also be withdrawn.
It is worth noting that the circular in question had directed Authorized Dealers to accord priority to imports pertaining to specific sectors. The priority list, devised by the central bank, placed essential imports at the highest priority level, followed by energy imports, imports by export-oriented industries, imports for agricultural inputs, deferred payment/self-funded imports, and imports for export-oriented projects near completion, occupying the sixth and final position in the priority hierarchy. However, with the recent circular, the prioritization directives are no longer in effect, providing Authorized Dealers with more flexibility in managing imports across various sectors.
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