State Bank Announces Removal of Import Restrictions
The State Bank of Pakistan (SBP) has issued a circular to Authorized Dealers, informing them about the withdrawal of its previous advisory that emphasized the prioritization of specific types of imports/sectors. The circular serves as an official notification, highlighting the change in policy regarding import prioritization by the SBP.
The circular draws the attention of Authorized Dealers to EPD Circular Letter No. 20, dated December 27, 2022. The previous advisory issued to the Authorized Dealers, which outlined the importance of prioritizing specific types of imports/sectors, is now being reconsidered. The circular serves as a notification of this revised stance by the State Bank of Pakistan (SBP).
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As per the circular, taking into account the representations received from diverse stakeholders, the decision has been made to promptly withdraw the aforementioned instructions. Moreover, the directives outlined in EPD Circular Letter No. 09, dated May 20, 2022, and EPD Circular Letter No. 11, dated July 05, 2022, will also be withdrawn accordingly. The circular serves as an official notification of these revised measures by the State Bank of Pakistan (SBP).
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It is worth mentioning that the circular under discussion had instructed Authorized Dealers (ADs) to give precedence to imports from specific sectors. The priority list, issued by the central bank, ranked essential imports as the highest priority, followed by energy imports, imports for the export-oriented industry, imports for agricultural inputs, deferred payment/self-funded imports, and finally, imports for export-oriented projects nearing completion in the sixth and final category.