Pakistan Banks Require Approval Prior to Financing Imports

State Bank of Pakistan (SBP) is requiring all banks to seek prior approval before financing imports.

A circular letter issued by State Bank of Pakistan (SBP) on 20 May 2022 requires all banks under its authority to seek prior permission from SBP’s Foreign Exchange Operations Department before initiating transactions for import of certain goods through issuance/amendment of LCs, open account, collections, and other payment arrangements.

A list of specified import goods accompanies the circular and includes items such as motor cars, power generating machinery, and other machinery.

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