State Bank tightens transaction limit to avoid dollar shortage
KARACHI: Commercial banks have been asked to seek State Bank of Pakistan’s (SBP) permission before initiating import transactions worth $100,000 in an attempt to ease dollar shortages and conserve eroding foreign exchange reserves amid IMF loan uncertainty, sources said on Monday.
“Earlier, banks were needed to inform the SBP if they wanted to start processing the trade documents such as a letter of credits (LCs), other papers and making payments for the imports of certain goods worth $500,000,” a banking source familiar with the development told The News.
“It seems the central bank wants to discourage imports to save cash as banks are facing a dearth of dollars following a sharp depletion in the foreign currency reserves,” the source added.
Retrieved from: https://www.thenews.com.pk/print/967860-sbp-tightens-transaction-limit-to-avoid-dollar-shortage
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