The State Bank of Pakistan (SBP) has cleared 30,000 pending cases ofletters of credit (LCs) and others will be cleared after consultation withthe Ministry of Commerce.
SBP Governor Jameel Ahmed told the National Assembly’s Standing Committeeon Finance that all confirmed LCs have been cleared, while all LCs up toOctober have been resolved by the central bank.
The committee chairman Qaiser Ahmed Sheikh and members shared complaintsabout the non-clearance of LCs and urged them to address the problems ofthe traders. The governor acknowledged the issue but at the same time saidthe regulator was doing everything in its capacity to help resolve allissues.
“I agree that businesses are facing numerous challenges, but until inflowsimprove, a certain level of stern management is needed. With time, allproblems will be resolved in consultation with the business community andthe Ministry of Commerce,” the governor stated.
Read Top Stories
The governor added that currently shipments worth $300 million are strandedat the ports because of LCs-related issues. He said that various proposalsare being considered to address the reopening of pending LCs and thatthings will improve soon.
