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Foreign exchange reserves will increase when dollars arrive from next week, says SBP Governor

State Bank of Pakistan (SBP) Governor Jameel Ahmad has said that the foreign exchange reserves will start increasing when the dollars come from next week.

Speaking at the Federation of Pakistan Chamber of Commerce and Industries (FPCCI), Governor State Bank Jamil Ahmed said that we have to facilitate business, and due to the current account deficit, we had to take some steps.

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He said that our imports had come down; cases of 33,000 LCs had been cleared.

He further added that it takes a lot of time to test the LC implying that LCs will open soon.

He said that banks had been told to keep food, medicines, and oil in priority, we gave priority to import goods for export, we are facilitating imports for the agricultural sector and there is a plan to facilitate more imports as soon as more dollars come.

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Governor SBP said that if importers can arrange dollars, we will not object, exporters are allowed to arrange imports from their dollars.

He said that dollars will start coming into the country from next week, now foreign exchange reserves will start increasing, and some goods are stuck at the port due to unauthorized imports.


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