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PCA delegation visits SBP to discuss irritants in import

03:13 PM | 2 Mar, 2023
PCA delegation visits SBP to discuss irritants in import
Source: Mr Musa Yahya Baghpatee, Mr Khalid Khanani, Mr Siraj Uddin, Dr Inayat Hussai, Mr Muhammad Yousuf, and Dr Asif Ali.

KARACHI - Pakistan Coating Association (PCA) delegation headed by its Chairman Mr Siraj Uddin visited the State Bank of Pakistan (SBP) to discuss irritants in import. The objective of PCA was to apprise SBP officials of the issues their member industries face on imports of raw materials.

 Dr Inayat Hussain, Deputy Governor SBP warmly welcomed the delegation. During the meeting, Mr Siraj Uddin, PCA Chairman, sought help from SBP to resolve impediments to importing raw materials by the PCA traders and importers.

While discussing, Mr Muhammad Yousuf, Former Senior Vice Chairman, also mentioned that containers have piled up at the Karachi Port due to the Bank’s refusal to release the shipping documents and the Bank Contracts, which also are not cleared by the Banks. This situation is putting an excessive burden of demurrage charges on importers.

Inayat Hussain, Deputy Governor, SBP well, understood the issues being faced by the importers. However, referring to earlier proposals by various trade bodies and chambers of commerce, he said importers can extend their payment terms through negotiations with their suppliers abroad or arrange funds abroad to settle their pending import payments.

Further, he stated that goods arrived at the port before January 18th 2023, as evidenced by a bill of lading/airway bill, subject to (a) In case of deferment, the importer shall ensure receipt of the swift message from the Bank abroad that imports are on a deferred payment basis for at least 180 days or; (b) In case of funding arrangements from abroad, the importer shall process import transactions after confirmation from the supplier’s Bank. This temporary/one-time facilitation shall be available until March 31st 2023, only to clear the backlog of import shipments.

The Deputy Governor, SBP, on 365 days of the payment term, stated that importers can approach them, and they would take up the matter with the Banks. In the end, Dr Inayat also hoped that the current situation would certainly notice an improvement in days to come ahead. However, normalization in the overall condition will take time. Finally, he assured the PCA delegation that SBP would continue facilitating the business community.

Dr Inayat Hussain, Dr Asif Ali, Director (SBP), Mr Siraj Uddin, Chairman, Mr Muhammad Yousuf, Mr Khalid Khanani, Mr Musa Yahya Baghpatee, Mr Usman Umer,  Ahsan Akbar Farooqui, Mr Iftekhar Rahat were present in the meeting.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 27 Feb 2024

Pakistani currency remains largely stable against US dollar in the open market on February 27, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 76.7.

Today’s currency exchange rates in Pakistan - 27 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 303 306
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207 209
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.56 40.96
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36
 
26.66
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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