In a worrying situation, SBP faces severe dollar crunch
Importers are extremely concerned as the State Bank of Pakistan is facing a severe shortage of dollars.
An important meeting of big importers was held today which was presided over by Lahore Chamber of Commerce Executive Committee member Ijaz Tanveer.
Importers gave a solution to the current crisis to the government as they offered to provide dollars to the State Bank by buying it from the open market.
Importing goods has become a headache for importers as the central bank is facing a shortage of dollars. It has become hard for importers to maintain the supply chain of businesses in various sectors.
Investors said that the State Bank is not opening the Letter of Credit worth more than 10,000 dollars. They said that more than 4,000 containers are stuck at ports and waiting for clearance.
These containers contain goods like branded garments, shoes, crockery, home appliances, interior goods, baby foods and kitchen items.