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State Bank relaxes prior approval requirement for imports in Pakistan

Web Desk 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.

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KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 9, 2023 (Thursday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 276.9 280.15
Euro EUR 294.7 297.7
UK Pound Sterling GBP 331 334.2
U.A.E Dirham AED 75.3 76
Saudi Riyal SAR 73.2 73.9
Australian Dollar AUD 191.3 193.7
Bahrain Dinar BHD 732.35 740.35
Canadian Dollar CAD 205 207.2
China Yuan CNY 40.72 41.12
Danish Krone DKK 39.92 40.32
Hong Kong Dollar HKD 35.08 35.43
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 2 2.16
Kuwaiti Dinar KWD 900.32 909.32
Malaysian Ringgit MYR 64.65 65.25
New Zealand Dollar NZD 173.63 175.63
Norwegians Krone NOK 27.12 27.42
Omani Riyal OMR 715.53 723.57
Qatari Riyal ‎QAR 75.64 76.34
Singapore Dollar SGD 208.03 210.03
Swedish Korona SEK 26.1 26.4
Swiss Franc CHF 298.06 300.56
Thai Bhat THB 8.25 8.4

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs193,700 on Thursday. The price of 10 grams of 24k gold was recorded at Rs166,070.

Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 193,700 PKR 2,350
Karachi PKR 193,700 PKR 2,350
Islamabad PKR 193,700 PKR 2,350
Peshawar PKR 193,700 PKR 2,350
Quetta PKR 193,700 PKR 2,350
Sialkot PKR 193,700 PKR 2,350
Attock PKR 193,700 PKR 2,350
Gujranwala PKR 193,700 PKR 2,350
Jehlum PKR 193,700 PKR 2,350
Multan PKR 193,700 PKR 2,350
Bahawalpur PKR 193,700 PKR 2,350
Gujrat PKR 193,700 PKR 2,350
Nawabshah PKR 193,700 PKR 2,350
Chakwal PKR 193,700 PKR 2,350
Hyderabad PKR 193,700 PKR 2,350
Nowshehra PKR 193,700 PKR 2,350
Sargodha PKR 193,700 PKR 2,350
Faisalabad PKR 193,700 PKR 2,350
Mirpur PKR 193,700 PKR 2,350

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