No import curbs on raw materials: SBP

KARACHI: The State Bank of Pakistan (SBP) on Tuesday said that there is no restriction on the import of raw materials for any industry including export-oriented industries.

“It is further clarified that SBP has advised banks to seek prior permission before initiating transactions for import of motor cars (CKD), mobile phones (CKD) and machinery,” said the SBP.

Some media reports and representatives of trade organisations have claimed that banks are not opening letters of credit for essential raw materials including pharmaceuticals. “The SBP has already approved more than 7,000 cases to date,” it said.