Pakistan expects dollar influx from next week, says SBP governor amid economic turmoil

KARACHI – State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Wednesday the country was likely to receive dollar inflow from the next week amid depleting foreign exchange reserves and delay in revival of the IMF loan programme.

He stated this in his address at the Federation of Pakistan Chambers of Commerce & Industry while assuring business community that the dollar influx would remove restrictions on imports.

Shehbaz Sharif-led federal government has been making efforts to secure financing from friendly states and loan tranche from the global lander, which has been pending since September last, as the foreign reserves has dropped to $4 billion dollars.

The central bank chief said the foreign exchange reserves of Pakistan would start increasing after the inflow of dollars in coming week. However, he did not disclose the source of the inflow.

He acknowledged the difficulties being faced by the importers due to restrictions, adding that these would be lifted after achieving stable foreign exchange reserves.

Saying plans have been made to extend facilities to business community, he maintained that decisions regarding import were made keeping in view the level of reserves.

Last year, the government imposed a ban on the import of luxury items to avoid a balance of payment crisis but withdrew some of the restrictions to facilitate the industrial sector. 

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