June 19, 2023
1 min read

Dollar crunch hits Pakistan

The association lamented that due to lack of foreign currency, thousands of containers are stuck at the port and they are paying fines and other charges on them….reports Asian Lite News

Owing to the non-availability of US dollars, commercial importers in Pakistan have announced to stop the import of all eatables and drinks from June 25.

According to a statement issued by Karachi Wholesale Grocers Association Secretary Farhat Siddique, all banks have refused to provide them with dollars, The News reported Monday.

After a thorough discussion, the association decided that importers should inform their indenters that no shipment should be dispatched after June 25.

The importers are only responsible for the clearance of goods that have reached the port or are on the way. No shipment would be cleared that was dispatched after June 25.

The association lamented that due to lack of foreign currency, thousands of containers are stuck at the port and they are paying fines and other charges on them.

The statement said the State Bank of Pakistan (SBP) is not providing the much-needed foreign exchange and its policies are extremely harmful to the country’s economy, The News reported.

Left with barely enough foreign exchange reserves to cover one month’s imports, the coalition government is desperately trying to manage a balance of payments crisis and bring inflation under control after it hit a record of nearly 38 per cent last month.

The dollar crunch, restrictions on imports, and delay in opening letters of credit have severely affected several sectors of the country as none of them met the growth targets set for the fiscal year 2022-23.

ALSO READ: Pakistan gets $1B loan from China

Previous Story

Blinken meets Xi

Next Story

‘Adipurush’ faces backlash across Nepal

Latest from -Top News

China Welcomes Modi’s ‘Positive Remarks’ on Ties

PM Modi emphasised that cooperation between India and China is essential for global stability and prosperity, advocating for healthy competition rather than conflict….reports Asian Lite News China on Monday said it “appreciates”

Pakistan Sticks to April 1 Deportation Plan

Over 800,000 ACC-holding Afghans face uncertainty as Pakistan rejects Kabul’s request to delay deportations….reports Asian Lite News Pakistan has firmly rejected the Afghan Taliban’s request to extend the deadline for deporting Afghan

Sunita Williams to Land Back on Earth Tomorrow

The duo has been on the ISS since June after their Boeing Starliner, on its maiden crewed flight, suffered propulsion issues and was deemed unfit for return….reports Asian Lite News After spending
Go toTop

Don't Miss

Pakistan’s monthly inflation rate increases to 28.%

This comes two days after the central bank in Pakistan

PoK Residents Fume Over Load Shedding, Soaring Electricity Bills

The people in the PoK are demanding the rightful ownership