PIAF welcomes relaxation in foreign exchange regulations
LAHORE: The Pakistan Industrial and Traders Associations Front (PIAF) Chairman Irfan Iqbal Sheikh has appreciated the State Bank of Pakistan for relaxing its foreign exchange regulations, allowing exporters to directly dispatch transport documents to the buyers abroad against shipments valuing up to $100,000 or equivalent.
In a joint statement, along with senior vice chairman Tanveer Ahmed Sufi and vice chairman Khawaja Shahzeb Akram, he said that in wake of changing global trade practices and to facilitate exporters, the central bank move is expected to provide manifold benefits to the local exporters including reducing the cost of doing business, efficient processing of export documents and improving competitiveness of Pakistani exports in the international market.
Irfan Iqbal Sheikh also asked the SBP to issue circular for implementing the Prime Minister Export Enhancement Package in its true spirit. He stressed on the need for evolving an export-led policy and availability of energy at regionally competitive prices for economic turnaround.
He said that much-awaited export package, approved by the ECC to steer the exporting industry out of crisis, is not being implemented by the government while the crisis is worsening day-by-day. He said that not only our share in the global market was shrinking and going to other countries but also the unit price of our products was decreasing thus resulting in reduced profitability for Pakistani exporters.
It is to be noted that earlier, the carriers (shipping companies, airlines, railways, etc.) were required to draw the transport documents (bills of lading, airway bill, railway receipts, etc.) only to the order of an authorized dealer for exports taking place from Pakistan and the same were required to be dispatched to the buyer abroad through an authorized dealer.