The State Bank of Pakistan (SBP) has formed a committee to work closely with the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
During his visit to the FPCCI, SBP Acting Governor Dr. Murtaza Syed announced the appointment of an SBP liaison officer for collaboration with the FPCCI. The official would also be in charge of swiftly resolving the business committee’s issues.
Dr. Syed informed the audience during his speech that the IMF staff-level agreement is already in place, with board-level confirmation coming in the third week of August. He indicated that the SBP feels the rupee is now undervalued, but that it would return to its true value in 2 – 3 months.
The SBP’s top management visited the FPCCI to address current economic concerns and initiatives being implemented by the government and SBP. The governor praised the business community for their perseverance in the face of foreign and local obstacles and assured them that SBP would give full assistance by resolving their issues.
The governor assured the participants that he would investigate the technical requirement of prior approvals required by commercial banks from SBP on the clearance of financial documents of consignments with H.S. Codes beginning with 84 and 85, as these restrictions were also affecting the import of tractor parts and other agricultural machinery. He asked business leaders to meet with the SBP to discuss the current economic condition, foreign currency, and other relevant concerns.
FPCCI President Irfan Iqbal Sheikh asked the governor to utilize the central bank’s policy instruments to rein down speculative dollar trading. He noted that importers, manufacturers, and industries were suffering as a consequence of the speculative character and scarcity of dollars, the scarcity of industrial raw materials, and the resulting interruptions in production processes.