KARACHI: The State Bank of Pakistan (SBP), through a statement issued on Thursday, has allowed the exporters to directly dispatch shipping documents of their consignments without any limit. Previously, exporters could dispatch shipping documents directly to their foreign buyers for export consignments of up to $100,000 (equivalent in other currencies). The new steps are in line with previous steps the central bank took in January 2020 for export-oriented industries. These included extending the facility to make advance payment up to $10,000 per invoice for the import of raw material, spare parts and machinery to commercial importers. The bank also extended the facility already allowed manufacturers to commercial importers as well, for the import of raw materials and spare parts on an open account basis.

Source: Pakistan Today March 19, 2020 15:33 UTC