State Bank Removes All Import Restrictions
The State Bank of Pakistan (SBP) has rescinded its advice to give priority to specific goods or industries in a circular sent to Authorised Dealers.
The circular states that “authorized dealers are hereby invited to the EPD Circular Letter No. 20 dated December 27, 2022, wherein an advisory was issued to the authorized dealers to prioritize certain types of imports/sectors.”
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According to the circular, it has been decided to revoke the aforementioned instructions with immediate effect in light of the representations received from various stakeholders. Additionally, the directives in EPD Circular Letter Nos. 09, dated May 20, 2022, and 11, dated July 5, 2022, should continue to be revoked.
It is important to note that the aforementioned circular instructed the ADs to give particular industries’ imports first priority. Essential imports were ranked first on the priority list published by the central bank, followed by imports of energy, goods used by industries focused on exports, inputs for agriculture, imports with deferred payments or self-funding, and imports for export-oriented projects close to completion in the sixth and final position.
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