Pakistan expects dollar inflows from 'next week' onwards.
KARACHI -- Pakistan is likely to receive dollar inflows from "next week", State Bank of Pakistan (SBP) Governor Jameel Ahmad announced on Monday, hoping the country's foreign exchange reserves position will strengthen in due course.
'We are expecting to witness inflows from next week onwards, which would reduce pressure on our foreign exchange reserves,' the SBP governor said in his address to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
Ahmad added that following the inflows the position of foreign exchange reserves - which now stand at their lowest level since February 2014 - will improve paving the way for the removal of restrictions on imports.
Pakistan banned the import of all non-essential luxury goods in May to avert a balance of payments crisis and stabilise the economy. However, following severe criticism from stakeholders the authorities concerned removed restrictions on the import of some goods to facilitate the industries.
The low reserves led the SBP to place import restrictions earlier last year, much to the dismay of several importers and businesses in Pakistan that cited these curbs as the reason behind shutting down or scaling back their operations.
Pakistan's reserves have rapidly depleted to less than three weeks of import cover of $4.5 billion as of January 6, however, the SBP chief assured the businessmen that dollar inflows would start pouring in from next week following which decisions regarding import curbs will be taken.
Addressing the grievances of the business community regarding difficulties faced in opening Letters of Credit (LCs), the governor said "it takes time to verify submissions".
'Currently, the central bank cleared around 33,000 LCs with special consideration for raw material imports used in goods which are exported,' he said revealing that the commercial banks also requested the regulator to prioritise LCs needed for...
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