State Bank withdraws condition of prior approval for imports.

ISLAMABAD -- The State Bank of Pakistan (SBP) on Monday eased some of the restrictions imposed on imports following months-long severe backlash from industry players and stakeholders.

The central bank withdrew the requirement of prior approval of imports and directed banks to prioritise the import of certain essential items like food, pharmaceutical, energy, etc.

'In order to facilitate businesses, State Bank of Pakistan withdrew the requirement of prior approval of imports (falling under HS code Chapters, 84, 85 and certain items under HS code Chapter 87)," a statement released by the central bank read.

"[...]Instead [SBP] gave a general guide to the banks to prioritise import of certain essential items like food, pharmaceutical, energy, etc,' a statement released by the central bank read.

The SBP imposed restrictions on imports in May 2022 following which several importers and industrialists cited these curbs as the reason behind shutting down or scaling back operations.

The business community also severely criticised the role of the SBP in the crisis with regard to difficulty in opening letters of credit (LCs). The criticism deepened last week when the stakeholders lambasted SBP Governor Jameel Ahmad for their lack of support in opening LCs.

In the...

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