RCCI urges State Bank of Pakistan to open letters of credit
RAWALPINDI ( Web News )
The Rawalpindi Chamber of Commerce and Industry (RCCI) has demanded the State Bank of Pakistan to open letters of credit.
RCCI President Nadeem Rauf has said in a statement that despite the lifting of the import ban by the government, delay in opening of Letters of Credit (LCs) for import of raw materials and spare parts is a matter of grave concern for traders.
He said that key products especially under HS code 84 and 85 include home appliances, air conditioners, IT products, generators, telecom, steel and automobiles. Importers are worried due to non-opening of LCs.
Production has stopped due to non-availability of parts, bank payments are not being made, operational expenses are also becoming difficult to meet, which has increased the fear of unemployment, he added.
Nadeem Rauf said that the current economic situation is very disturbing; SMEs and large-scale industry (LSM) are suffering from slowness.
The cost of production has already increased manifold, which is directly related to the country’s overall production, the stakeholder should take immediate notice, he demanded.
He said that a large part of Pakistan’s exports depend on imports of raw materials or parts, which run our industries. He appealed to the Governor State Bank to take immediate notice of the situation and open LCs.