Commercial importers have announced a ban on the import of all food and beverage products after June 25 due to issues with currency exchange. Farhat Siddique, Secretary of Karachi Wholesale Grocers Association, revealed in a statement on behalf of its members that all bank importers are refusing to provide dollars, prompting an important meeting of the association with all importers and industry representatives.
After detailed discussions during the meeting, a decision was made that all importers should inform their indenters that no shipments should be sent after June 25. Importers will be responsible for the clearance of any goods already present at the port or in transit. If any shipment is processed after June 25, importers will not be held accountable for its clearance.
Importers state that due to currency exchange issues, thousands of containers are stuck at ports, accumulating demurrage and charges. State Bank is not providing them with foreign exchange. If this situation persists, a crisis in the availability of food and beverage items is likely to emerge in the coming days. The policies of the State Bank are causing unrestrained losses to businesses, the economy, and the country as a whole.