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Tuesday March 19, 2024

SBP restores advance payment facility

By Our Correspondent
January 02, 2019

KARACHI: The State Bank of Pakistan (SBP) has allowed banks (authorised dealers) to effect advance payments up to $10,000/invoice on behalf of importers-cum-exporters for import of raw materials, accessories and spares, a statement said on Tuesday.

Earlier, the SBP had restricted the advance payment facility in July 2018, which was previously allowed to importers through authorised dealers, it added.

However, on the intervention of the chamber of commerce and industry, trade associations and the Ministry of Commerce, it has been decided to relax this ban to the extent of exporter who has to import accessories, raw material and spare-parts for their exports. It is expected that this will improve the export environment, the SBP added.