The State Bank of Pakistan has fulfilled another condition set by the International Monetary Fund (IMF) by lifting all restrictions on import-related revenues.
The State Bank has issued a circular allowing banks to release more than 6,000 stranded containers at ports for exchange facilitation. The circular states that the State Bank has lifted all restrictions on revenues and eliminated the condition of preferential revenues for imports. Now, all revenues will be exchanged without discrimination. Authorized dealers of exchange are instructed to facilitate the exchange of all revenues.
The decision was made based on the recommendations of stakeholders and in accordance with the IMF program. Sources indicate that there is only one week left until the end of the IMF program, and the government is striving to satisfy the IMF to ensure its completion. In this regard, the condition of revenue repatriation on imports, set by the IMF, has also been fulfilled.
This announcement marks a significant step towards trade facilitation, economic growth, and the removal of trade barriers. It is expected to enhance market access, promote economic revitalization, and contribute to the overall development and stability of the country’s economy.