State Bank of Pakistan Governor Jameel Ahmed has said that the arrival of US dollars in Pakistan will start from next week, which will start increasing the country's dwindling foreign exchange reserves.
Addressing the businessmen at the Federation of Pakistan Chamber of Commerce and Industries, the Governor State Bank admitted that the foreign exchange reserves of the country have decreased significantly, but the pipe The projects in the line will help improve the foreign exchange reserves. The foreign exchange reserves of the country decreased to the level of 4.34 billion dollars, which is the lowest level of foreign exchange reserves since February 2014. Shortages are being faced as a result of which imports of food items and industrial raw materials have been banned and the current stock position reflects that the country has insufficient quantities to cover even one month's average imports. I do not have dollars.
Although a The State Bank had lifted the ban on imports of some essential goods earlier this year, but associations in various sectors have complained that non-opening of letters of credit has led to shortages and several companies
Explaining the ban on imports, Governor State Bank said that banks were directed to stop imports of food items. , prefer to open LC for few sectors including pharmaceutical goods, oil, agricultural products and raw materials for export related industries. As a result the dollar in the country increases, we have set some priorities to facilitate the exporters so that their business can run and exports are not adversely affected.
Jameel Ahmad said that we tried to prioritize these sectors and asked the banks to facilitate other sectors if they have dollars, but it does not mean that other sectors are central. Important n for the bank
They said that we have to facilitate them considering the capacity and the dollars available in the country, but we do not have many dollars available, so we are on administrative grounds. Intervening and restricting imports so that the dollar in the country can be maintained at a reasonable level.