Commercial importers indicate ceased import operations amid dollar crunch

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Commercial importers have indicated that they would cease importing any food or beverages starting on June 25 due to the lack of dollars.

All banks have declined to provide them dollars, according to a statement made by Farhat Siddique, secretary of the Karachi Wholesale Grocers Association.

The group concluded that importers should advise their indenters that no shipments should be sent out after June 25 following a lengthy debate.

Only products that have arrived at the port or are on their way there must be cleared by the importers. No shipment that was sent after June 25 would be approved.

The group bemoaned the fact that hundreds of containers are detained at the port and being charged penalties and other fees because of a scarcity of foreign currency.

In a statement, it was claimed that the State Bank of Pakistan (SBP) is severely harming the economy of the nation by failing to provide the essential foreign exchange.

The coalition administration is frantically attempting to handle a balance of payments problem and keep inflation under control after it touched a record of over 38% last month while having just enough foreign exchange reserves to cover one month’s worth of imports.

Numerous industries in the nation have been negatively impacted by the currency shortage, import restrictions, and delays in issuing letters of credit, since none of them achieved the growth goals established for the fiscal year 2022–2023.