ISLAMABAD: In view of the deteriorating situation of foreign exchange reserves, the State Bank has initiated measures to stop the withdrawal of dollars.
The central bank has begun to stop clearance of imports below $100,000, threatening many factories with closure and financial penalties.
According to industry sources, the State Bank is discouraging imports through open accounts like letters of credit (LCs) and cash against documents (CAD).
In the CAD scheme, the State Bank has made the issuance of documents subject to its approval to save dollars by delaying the clearance of imports. Due to this, many industries are facing a shortage of raw materials and will be forced to reduce their production.
Ibrahim Tariq Shafi, Executive Director of Aqash Iron Industries Limited, said that we import raw materials from Dubai, but due to the non-issue of import documents, our mill is on the verge of closure due to non-availability of raw materials.
He said that due to the delay in the clearance of imports, he had already paid Rs 75 lakh as demurrage to the port authorities. The details show that the central bank is not even allowing the issuance of import documents, which show that the value of the imports was $33,571. 15 consignments of Aqash Mill have been lying at the port since July 5, worth only 20 lakh dollars. Of these, the central bank has allowed only 4 to be cleared this week.
Ibrahim Tariq Shafi said that due to this strategy of the State Bank, there is a risk of closure of all import-driven industries.