News

Industry Information

Hongde Dynamic

Export knowledge

Home page

The South Asian power's latest announcement: lift all import restrictions! Shipping Logistics | International Logistics | International Freight Forwarders | Guangzhou Freight Forwarders | Panyu Freight Forwarders | Hongde International

Jul 05,2023

Some time ago, foreign traders exporting to Pakistan have been worried that buyers can't get foreign exchange to pay for goods. Now the good news comes:

In order to meet the requirements of the International Monetary Fund (IMF) to resume lending, the Central Bank of Pakistan issued a notice on June 24,All import restrictions on food, energy, industry and agriculture have been lifted, and the Pakistani government has allowed banks to provide remittance services for all imports!

Pakistan's central bank lifts all import restrictions

Pakistan has experienced a severe foreign exchange shortage over the past year, with buyers saying they can't get their foreign exchange quotas,Even proposed L/C 180 days such outrageous accounting period.

The Central Bank of Pakistan issued a document on January 23 this year, which also suggested that importers can extend their payment period to 180 days (or longer).

At present, Pakistan's foreign exchange reserves are only enough for one month's imports. For nearly a year, Pakistani authorities have been trying to secure more than $1 billion from the IMF and a $6.5 billion loan package.

Now, according to the latest documents of the central bank, all previous restrictions on imports have been lifted, and the latest order will be implemented to provide remittances for all imports. The Pakistani government allowed banks to provide remittances to release more than 6000 containers.

The decision was further reinforced by Pakistan's Finance Minister Ishak Dar at a parliamentary meeting when he said:"There will be no restrictions on imports. All conditions are lifted."

According to Pakistani importers,More than 12000 containers were held at the port due to a lack of dollars, and all foreign suppliers demanded speedy customs clearance.

But a researcher at a local Pakistani securities firm said: "I think this is a paper talk, which may be due to the IMF's requirements for market-oriented exchange rates,In practice, the import of non-essential items will still be given low priority.”

It is worth noting that after the great flood of the century, Pakistan's inflation rate has remained high, reaching the worst level in 50 years, and prices have risen day by day; while the Pakistani rupee has plummeted 36% against the US dollar in the past year. At one point, it fell to a 296 historical low, and the country has been deeply mired in the quagmire of economic crisis.

So once again to remind foreign traders,In business, don't be lenient on high-risk orders because of "Batie feelings" or "old customers.

In the face of forward letter of credit requirements from old Pakistani customers, consider:

1. Try to shorten the account period, it is best to do a spot letter of credit.(Considering the buyer's acceptance, there can be differences in the quotation)

2. Discuss with the customer the possibility of false forward letters of credit.That is, the import and export parties signed a trade contract provides for the terms of spot payment, but the importer to open a letter of credit requires the exporter to ship the goods after the submission of forward bills and documents, at the same time in the letter of credit to indicate that the forward draft can be negotiated on the spot, by the issuing bank or the repayment bank to discount the forward draft, the exporter to pay on the spot, A more flexible form of letter of credit settlement in which the importer pays discount fees and discount interest at maturity.

3. Discuss other payment methods, or insure with CITIC Insurance.

How is your Pakistani guest now? Leave a message to say!

Amazon Membership Day; Asia-Pacific Air Cargo Down; Commercial Space Flight Coming

Recommend

Hongde International | Iran Railway LCL Service, 1CBM Minimum Shipment, Ideal for Small Cargo

No Panic for Fast Fashion Seasonal Changes! US Air Freight + Express Door-to-Door, 1-2 Working Days Delivery

Make global trade unimpeded

COOKIES

Our website uses cookies and similar technologies to personalize the advertising shown to you and to help you get the best experience on our website. For more information, see our Privacy & Cookie Policy

COOKIES

required

These cookies are necessary for basic functions such as payment. Standard cookies cannot be turned off and do not store any of your information.

analyze

These cookies collect information, such as how many people are using our site or which pages are popular, to help us improve the customer experience. Turning these cookies off will mean we can't collect information to improve your experience.

Feature

These cookies enable the website to provide enhanced functionality and personalization. They may be set by us or by third-party providers whose services we have added to our pages. If you do not allow these cookies, some or all of these services may not function properly.

advertise

These cookies help us understand what you are interested in so that we can show you relevant advertising on other websites. Turning these cookies off will mean we are unable to show you any personalized advertising.

Contact Phone

18027165010

Address:

5/F, Building 22, Youli Electric Business Park, 199 Guangming South Road, Shiqiao Street, Panyu District, Guangzhou City