State Bank Governor Says, If dollars receive Foreign exchange reserves will increase from next week

State Bank Governor Says, If dollars receive Foreign exchange reserves will increase from next week

KARACHI: Governor State Bank Jameel Ahmed says that he decides to import by looking at the dollars. If the dollars come from next week, then the foreign exchange reserves will start increasing.

Addressing the Federation of Pakistan Chamber of Commerce and Industries (FPCCI), Governor Acet Bank Jameel Ahmed said that we have to facilitate business, and due to the current account deficit, we had to take some steps.

He said that our imports have reduced, 33 thousand cases of LCs have been cleared, and it takes a lot of time to check the LCs, but they will open the LCs soon.

He said that banks have been asked to give priority to food, medicine, and oil, we have given priority to import goods for export, we are facilitating import for the agricultural sector, and more imports will come as soon as more dollars come. There is a plan to facilitate, but the import decision has to be made keeping in view the dollars.

Governor State Bank said that if importers arrange dollars, then we will not object, exporters are allowed to arrange imports with their dollars.

He said that dollars will start coming into the country from next week, and now the foreign exchange reserves will start increasing, some goods are stuck at the port due to unauthorized import, but he cannot say anything about the interest rate at present.

Thanks for reading. Please keep in touch with us for the latest news.