FPCCI welcomes SBP decision on stuck-up containers.

LAHORE -- Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh Monday welcomed the State Bank of Pakistan (SBP) policy decision to allow clearance of pending LCs [letter of credit] of the containers stuck at the ports or those which are in-transit.

He said the issue was causing detention charges, demurrage, shortages of raw materials for industrial production, closure of major industrial units, disruptions in the supplies of agricultural inputs, closure of plants due to unavailability of spare-parts of the machinery and equipment, non-fulfillment of export orders, loss of revenue due to dwindling production and massive layoffs.

Irfan Iqbal Sheikh highlighted that the SBP had advised commercial banks to provide facilitation to those importers who could extend their payment terms to 180 days or more; else, to those who could arrange for funds for their import payments from abroad.

Additionally, commercial banks had also been advised to release the documents of shipments that had arrived at port in Pakistan already or for those shipments which had been in-transit on/before January 18, 2023.

He mentioned that the SBP governor visited the FPCCI Head Office and listened to the grievances of trade and industry in detail. The session was attended by prominent personalities of country's all chambers, trade bodies and associations - either in-person or through video link from...

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