Big relief for traders, SBP allowing opening of LCs for import of goods

State Bank of Pakistan (SBP) Tuesday allowing the opening of LCs for the import of goods covered under Chapters 84, 85, and 87.
According to the 24News HD TV channel, it has been announced that the ban on obtaining SBP permission will be lifted from January 2.
The SBP withdrew the condition of prior authorization for import transactions set in May 2022.
State Bank had imposed conditional permission before the import of certain goods under Chapters 84, 85, and 87.
According to this decision, the import consignment of Chapters 84, 85, and 87 already deposited with the State Bank will be given first priority.
As per the report, imports will include wheat, edible oil, raw materials for medicines, and life-saving and essential medicines while it will also clear surgical instruments, energy-based imports, raw materials, unhitched goods, and spare parts.