EFP demands opening of LCs

KARACHI: The Employer’s Federation of Pakistan (EFP) has urged the State Bank of Pakistan (SBP) to ensure opening of letters of credit (LCs), saying the federation had received complaints from member associations and members of the business community in relation to banks not opening LCs for machinery and industrial materials imported for industrial use.

In a statement on Thursday, EFP president Ismail Suttar said delays in opening LCs didn’t align with the SBP’s claim of imposing no restrictions on imports. Industries including food, pharmaceuticals, steel, automobiles, telecom, home appliances, etc. were facing adverse consequences because of the delay, he added.