January 18, 2023 (MLN): Pakistan will observe the inflow of dollars from next week which will improve the position of foreign exchange reserves of the country, Governor State Bank of Pakistan (SBP) Jameel Ahmed said while speaking to the business community at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
"Though the foreign exchange reserves of the country melted to a low level there are projects in the pipeline will that will help improve reserves," he added.
Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $1.23 billion to $4.34bn during the week ended on January 06, 2023. This drop in reserves marked the lowest after February 28, 2014.
"We have to take measures to facilitate business. No doubt, due to the current account deficit, our imports have reduced but we were able to clear 33 thousand LCs cases," he mentioned.
He said that banks have been asked to give priority to the importers of food, medicine, oil, and raw material for exports while opening LCs.
"If importers arrange dollars, we will not object. Similarly, exporters are allowed to arrange imports with their dollars," he clarified.
SBP chief said that the central bank is fully aware of the problems being faced by the business community and for this, the central bank will launch an action plan to resolve these issues.
