Exporters struggle with refund procedure.

Textile exporters are expressing growing concerns over the prolonged refund process of banks for marked lien amounts, resulting in significant exchange losses for them.

Towel Manufacturers Association of Pakistan (TMAP), Senior Vice Chairman, Syed Usman Ali voiced his distress regarding the implementation of the State Bank of Pakistan's FE Circular No 02 of 2023, which became effective on May 1, 2023.

"The exporter's amount, if realised even a single day late from the due date, the bank marks it as lien on the export proceeds. Interestingly, most banks are unaware of the further procedure to...