LAHORE: The Pakistan Hosiery Manufacturers and Exporters Association (PHMA) has said that latest move of import restrictions by the central bank has been hindering the smooth process of future export orders, leading to decline in foreign inflows, amid highest trade deficit in the country, a statement said on Monday.
PHMA Central Chairman Dr Khurram Anwar Khawaja expressed concern over severe inconvenience caused to exporters in completion of their orders due to disallowing exporters to make advance payment up to $10,000/invoice for the import of all eligible items without the requirement of LC or bank guarantee from the supplier abroad.
The PHMA office-bearers and Executive Committee in its meeting demanded the SBP to immediately restore the required facility for the exporters. Otherwise the SBP will directly be blamed for decline in exports, as the orders from foreign buyers have been affected.
Addressing the PHMA Central, as well as the zonal executive committees, Dr Khawaja said that the withdrawal has been severely affecting the export-oriented industries and creating hurdles in meeting export commitments on time, besides increasing the cost of business.
Sheikh argued that the government should have maintained stable petroleum prices
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