Chairman UK-Pakistan Business Council (UPBC) Mian Kashif Ashfaq on Sunday urged the State Bank of Pakistan to provide a 180-day time framework for export proceeds repatriation instead of 120 days from the date of shipment. Talking to a delegation of exporters led by Nasir Hussein, he said that the recently amended foreign exchange regulations would disrupt the export sector as exporters entered into long-term agreements with their foreign buyers wherein terms are outlined under the 180-day repatriation model. Mian Kashif said that the pandemic was not over and given the fifth wave of Covid-19 hovering around the globe, another economic crisis is clearly imminent that would force the closure of western markets and ultimately badly affect the payment schedule beyond the control of human beings. He urged the State Bank of Pakistan to review its decision of curtailing the time framework from 180 days to 120 days. He said that Prime Minister Imran Khan had been fully supportive of the export sector and keen enough for taking bold steps for the promotion of export but such decisions would reverse what had been achieved in the past in contradiction with the vision of the PTI government.
UPBC demands 180 days for export proceeds repatriation
Published on: January 10, 2022 10:28 AM