KCCI demands SBP for more time

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KARACHI: In order to safeguard the interest of business community, Karachi Chamber of Commerce and Industry (KCCI) President Muffasar Atta Malik has asked the State Bank of Pakistan (SBP) to extend the deadline for scrapping the open account facility for importers from August 10 to September 30, 2018.

In a letter sent to SBP Governor Tariq Bajwa, Malik stated that many KCCI member companies had complained that their consignments were stuck due to restrictions after the issuance of an SBP circular on July 20.

In this circular, the central bank notified the abolition of the open account facility for importers. He pointed out that the facility was introduced in 2017 and its withdrawal was likely to increase hardships for the importers.

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