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State Bank relaxes prior approval requirement for imports in Pakistan

12:46 PM | 23 Jan, 2023
State Bank relaxes prior approval requirement for imports in Pakistan

KARACHI – The country’s central bank has relaxed the requirement of prior approval of imports and directed banks to prioritize the import of basic commodities including food, pharmaceutical, and energy, in a bid to ease business fraternity.

The development comes as the business community members approached State Bank amid difficulties in opening letters of credit.

In a statement, the State Bank of Pakistan said businessmen, including various trade bodies, have pointed out that shipping containers carrying imported goods are stuck at the ports amid delays in the release of shipping documents by commercial banks.

In a sigh of relief, the central bank relaxed the requirement of prior approval of imports, which falls under HS code Chapters, 84, and 85, and certain items under HS code Chapter 87, and gave guidance to banks to prioritize the import of basic items.

It asked commercial banks to provide one-time facilitation to all those importers who could extend their payment terms to around 6 months or arrange funds from overseas to deal with the pending import payments.

The statement further reads “Accordingly, till March 31, 2023, banks have been advised to process and release documents of shipments and goods that have already arrived at a port in Pakistan or have been shipped on or before January 18, 2023”.

SBP also asked commercial banks to guide their customers to inform their banks prior to the initiation of any import transaction to avoid any haphazard situation.

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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