Web Desk The State Bank of Pakistan has announced relaxation of foreign exchange rules to facilitate import activities in the energy sector, which is being considered a significant development in the context of increasing global uncertainty.
The central bank has said in its instructions to authorized dealers that commercial banks will now be able to issue financial instruments at the time of registration of the contract for the import of crude oil and petroleum products.
Moreover, banks have also been allowed to issue standby letters of credit, which will boost the trade of LNG and other energy products.
The State Bank has updated import guarantees and financing procedures by amending relevant provisions in the Foreign Exchange Manual, while authorized dealers have been instructed to inform customers of the new instructions and strictly follow them.
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