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KARACHI: According to ARY News, the State Bank of Pakistan (SBP) Governor Jameel Ahmad stated on Wednesday that import letter of credits (LCs) for the agriculture, pharmaceutical, and petroleum industries are being opened at the interbank rate.



The import restriction on non-essential goods, according to SBP Governor, was put in place to decrease the current account deficit. He continued by saying that the issue surrounding the United Arab Emirates' (UAE) $2 billion deposit had been settled.


He claimed that as a result of the reduction in the current account deficit over the past six months, SBP is now able to open specialised LCs based on existing deposits.

In addition to providing detailed information about containers stopped at Karachi Chamber Port, Jameel Ahmad advised the business community to check their respective banks prior to imports.


He continued by saying that importers might independently purchase goods on credit from international vendors.