FPCCI concerns over delay in import payments by banks

Jul 20, 2022: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Chairman Muhammad Nadeem Qureshi has said that importers are facing demurrage and detention charges and businesses are being badly affected due to delay in import payments by commercial banks.

Talking to media, he also urged the government to take comprehensive measures to control dollar flight against rupee.

He said that if the bank does not pay on time, the containers are lying at the ports, causing the importers to be charged with demurrage and detention charges. Besides, the commercial banks are receiving up to 130% cash margins due to the uncertainty of the dollar rate, which needs to be reduced.

Qureshi said that if the situation is not favorable for business, the cost of doing business will increase, leading to their products being out of competition in the international market. If the commercial importers sit, then the industries will not be able to operate and exports will decrease.

Muhammad Nadeem Qureshi demanded the authorities concerned to take emergency measures to control the dollar rate and commercial banks should be obliged to pay timely imports payments.

APP