SBP proposes framework for facilitating exporters

KARACHI: The State Bank of Pakistan (SBP) has proposed amendments in its regulatory instructions for exports of goods from Pakistan, a statement said on Monday.

These changes aim at promoting ease of doing business by simplifying the existing instructions, it added. The key amendments proposed include a framework for facilitating Pakistani exporters to sell their products through international digital marketplaces, including Amazon, e-Bay, Alibaba under Business-to-Business-to-Consumer (B2B2C) e-Commerce model. The amendments required in export regulations to implement Pakistan Single Window project, which would eliminate the requirement of the electronic Form-E, are also part of the revised draft.

Likewise, in some other areas, the regulatory approvals required from the central bank have been proposed to be delegated to banks to facilitate the business community. The proposed changes are a part of the SBP’s broader agenda to revise the existing foreign exchange regulations for aligning them with the changing market dynamics, business needs and global trade practices.

As a part of this process, 11 chapters (of 22) of the Foreign Exchange Manual had already been revised through a consultative process with the banking industry and the business community. The latest amendments in the foreign exchange instructions pertaining to exports are provided in Chapter 12 of the Foreign Exchange Manual. The document has been placed at the SBP’s website, inviting feedback / comments from the stakeholders.

The State Bank encourages and welcomes feedback / suggestions from the business community, banking industry and other stakeholders, on the revised draft of Chapter-12 (Exports) of FE Manual, for any further value addition / improvement. The feedback/ suggestions may please be shared latest by June 20, 2021.