KARACHI: Relaxing foreign exchange regulations, the State Bank of Pakistan (SBP) allowed exporters on Monday to directly dispatch transport documents to the buyers abroad against shipments valuing up to $100,000 or equivalent.

An official statement said the decision has been taken in the wake of changing global trade practices, adding that it will facilitate exporters.

The development is expected to provide manifold benefits to local exporters, such as a reduction in the cost of doing business, efficient processing of export documents and improved competitiveness of Pakistani exports in the international market, said the SBP.

Earlier, carriers like shipping companies, airlines and railways were required to draw transport documents — bill of lading, airway bill, and railway receipt — only to the order of an authorised dealer for exports taking place from Pakistan and the same were required to be dispatched to the buyer abroad through an authorised dealer.

Published in Dawn, December 12th, 2017