SBP hints at easing import policy

Author: Agencies

The central bank on Wednesday hinted at easing import restrictions imposed by the government to keep foreign exchange reserves under tight control.

This was suggested by State Bank Governor Jameel Ahmed during a banking conference on Wednesday. While responding to media questions about the government’s stringent import policy of the past few months, he said that commercial banks have been told to clear letters of credit (LCs) of up to $100,000.

Speaking at the ‘Sustainable Banking Conference’ held in collaboration with International Finance Corporation, Ahmed said that commercial banks must facilitate priority sectors when clearing LCs, particularly importing the remaining parts and machineries of projects which are near completion.

Earlier, at the Sustainable Banking Conference, Governor State Bank Jameel Ahmed highlighted Pakistan’s vulnerabilities to the impacts of climate change. He went on to add that the SBP had launched an Environmental and Social Risk Management manual as part of the central bank’s ongoing efforts to promote green banking in Pakistan.

Addressing the audience, IFC Regional Director for the Middle East, Pakistan and Afghanistan Khawaja Aftab Ahmed stated that the launch of the Environmental and Social Risk Management (ESRM) Implementation Manual marked a significant step towards promoting sustainable banking practices in Pakistan.

Share
Leave a Comment

Recent Posts

  • Business

Nestlé reveals USD 50 Million export ambition for Pakistan by 2030

The Federal Minister for Industries & Production, Rana Tanveer Hussain, has expressed high regard for…

3 hours ago
  • Business

Hexalyze shines at Singapore Fintech Festival

KARACHI: Pakistan's IT companies and fintech operators are looking to grab business opportunities in the…

5 hours ago
  • Business

Mobilink Bank honoured with multiple awards at VEON Ignite 2024

Islamabad – November 07, 2024: Mobilink Bank, Pakistan’s leading digital microfinance institution, was celebrated with…

6 hours ago
  • Pakistan

Trump’s victory won’t impact Pakistan-US bilateral ties: FO

Pakistan's Foreign Office has reaffirmed the nation’s commitment to strengthening its relationship with the United…

7 hours ago
  • Business

Pakistan’s PV boom gains long-lasting momentum amid multiple factors

Pakistan is undergoing a booming energy shift resulting in solar energy adoption among all orders…

20 hours ago
  • Business

PSX witnesses bullish trend, gains 366 points

The 100-Index of the Pakistan Stock Exchange (PSX) witnessed bullish trend on Tuesday, gaining 366.32…

20 hours ago