State Bank of Pakistan removed restriction on advance payment of dollars by agreeing to the suggestions of PCDMA
Karachi, November 13, 2019 (PPI-OT): Governor State Bank of Pakistan, Dr. Raza Baqar, while agreeing to the suggestions by Pakistan Chemicals and Dyes Merchants Association (PCDMA), has removed the restriction on advance payment of dollars hence, the importers can now make advance payments of up to US$10,000 through banks. The State Bank of Pakistan imposed the said restriction on advance payment of dollars in 2018.
Governor State Bank during a meeting with PCDMA delegation which was led by its Chairman and Former Director of Pakistan Stock Exchange Amin Yousuf Balgamwala assured to remove restriction on opening L/C or Bank Contract for advance payments of up to US$10,000. PCDMA delegation also comprised of Vice Chairman Asif Ibrahim, Former Chairman Mr. Haroon Agar, Mr. Arif Balgamwala, Mr. Nasir Fateh Kukda, Mr. Arif Kapoor and Senior member Mr. Hafeez Mohammad.
Dr Reza Baqar said that, economy of country is going in right direction and we can see improvement and stability in coming days, we have done more then what IMF has set for us, which shows positive step. On reply of fluctuation of currency, he said it depend on market which settle its worth but State Bank definitely monitor the situation if it will be not normal so that we will stop artificial increase. He said the things will improve by increase the number of Tax Payers and we can flourish the economic activities by documentation of economy and give the facilities to SME.
PCDMA Chairman and Former Director of Pakistan Stock Exchange Mr. Ameen Yousuf Balgamwala has given in detail of problems faced by Commercial Importers, said that Commercial Importers are facing problems in opening of LC and bank Contract by imposing the restriction of Advance Payment of US$ 10,000/- and it should be resorted.
He made detail discussion of currency fluctuation, interest rate and current situation of economy and said that meeting with Governor State Bank will beneficial and fruitful, hopes that Pakistan will come out from deficit to surplus, which shows positive sign of economy. He also invited State Bank Governor to visit PCDMA which accepted by him and delegation of PCDMA has said that meeting is satisfactory and fruitful.
For more information, contact:
Pakistan Chemicals and Dyes Merchants Association (PCDMA)
Chemical and Dye House, Rambharti Street,
Jodia Bazaar, Karachi-74000
Tel: +92-21-32432752, +92-21-32439124
Category: General Business News