KARACHI: State Bank of Pakistan (SBP) has declared that wood-timber must be accepted as an essential raw material on the request of All Pakistan Timber Traders Association (APTTA),
A notification issued in this regard stated that State Bank of Pakistan (SBP) vide EPD Circular Letter No 20 dated December 27, 0222 has withdrawn its previous instructions regarding approval required for import. All importers are now required to approach their bank to undertake import transactions/LC and no approval SBP/SBP-BSC is required.
It is imperative to not that in view of Balance of Payment situation, banks are facilitating the import transactions as per their inflows and liquidity in the interbank market. The banks will be in a better position to facilitate import transactions as soon as the position of country’s forex flows improves.
