SBP directs banks to facilitate the release of imports | The Express Tribune
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KARACHI: The State Bank of Pakistan (SBP) on Monday announced a one-time facility for import-driven businesses in crisis, as it directed commercial banks to process import documents to release the majority of goods stuck up at Karachi ports. The directives are expected to gradually ease the crisis of imported raw materials across the industries and reopen factories closed in Pakistan for the time being. The stuck imported goods at domestic ports include foods – such as wheat, pulses, and onions – as well as medicine and medical equipment. The central bank asked commercial banks to process all documents that ensure the imports were made from international suppliers on credit for a minimum of 180 days or more. It also ordered the facilitating of import on international financing arranged by traders themselves. The SBP directed banks to facilitate the import of foods, medicines, and energy as a top priority. Last week, the central bank faced criticism for halting at l...