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PIAF welcomes relaxation in foreign exchange regulations

PIAF welcomes relaxation in foreign exchange regulations

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) has appreciated the State Bank of Pakistan (SBP) for relaxing its foreign exchange regulations, allowing exporters to directly dispatch transport documents to the buyers abroad against shipments valuing up to US$100,000 or equivalent.

In a joint statement here, PIAF Chairman Irfan Iqbal Sheikh, Senior Vice Chairman Tanveer Ahmed Sufi and Vice Chairman Khawaja Shahzeb Akram said that in the wake of changing global trade practices and to facilitate exporters, the central bank move was expected to provide manifold benefits to the local exporters including reducing the cost of doing business, efficient processing of export documents and improving competitiveness of Pakistani exports in the international market.

They urged the SBP to issue a circular for implementing the Prime Minister Export Enhancement Package, and stressed the need for evolving an export-led policy and availability of energy at regionally competitive prices for economic turnaround.

They were of the view that non-implementation of much-awaited export package, approved by the ECC to steer the exporting industry out of crisis, was not only shrinking our share in the global market but also reducing the unit price of our products thus resulting in reduced profitability for Pakistani exporters.

They mentioned that earlier, the carriers (shipping companies, airlines, railways etc.) were required to draw the transport documents (bills of lading, airway bill, railway receipts etc.) only to the order of an authorized dealer for exports taking place from Pakistan and the same were required to be dispatched to the buyer abroad through an authorized dealer.