Sialkot, January 06, 2022 (PPI-OT):Mian Imran Akbar, President Sialkot Chamber, in a statement given to the press has expressed his deep concern over the recently amended foreign exchange regulations under which the exporters would be required to bring proceeds back to the country within a maximum of 120 days from the date of shipment instead of 180 days. The President said that the move would disrupt the export sector as exporters had entered into long-term agreements with their client age wherein payment terms had been outlined under the 180 days repatriation model.

He was of the view that overnight changes in policies only create uncertainty and offer zero gains at the macroeconomic level. “Such policy shifts ought to be taken through due deliberation and consensus” Mr. Akbar added. He also said that the COVID-19 pandemic was not over yet and given the fifth wave of COVID-19 around the world, another economic crisis was imminent that would force the closure of western markets and ultimately affect the payment repatriation. He believed that policymakers did not give due consideration to such ramifications that would ultimately be faced by the exporters of Pakistan.

The President Chamber stressed that the State Bank of Pakistan should review its decision and reinstate the previous 180 days’ time frame for the repatriation of the export proceeds in the best interest of the export sector of Pakistan. Mian Imran Akbar added that the Government had been most supportive of the Export Sector and was keen to take positive steps for the promotion of exports but such a drastic decision, made in a haste, would undo a lot of what had been achieved in the past in contradiction with the vision of the Prime Minister Imran Khan.

For more information, contact:
Sialkot Chamber of Commerce and Industry (SCCI)
Shahrah-e-Aiwan-e-Sanat-o-Tijarat, Sialkot – 51310, Pakistan
Phone: +92-52-4261881-3
Fax: +92-52-4268835, +92-52-4267919
E-mail: sialkot@scci.com.pk
Website: http://www.scci.com.pk