SBP relaxes forex rules for medical goods import

Published March 26, 2020
The State Bank of Pakistan has also revised the existing foreign exchange regulations for import of goods against Advance Payment and Open Account. — APP/File
The State Bank of Pakistan has also revised the existing foreign exchange regulations for import of goods against Advance Payment and Open Account. — APP/File

KARACHI: The State Bank of Pakistan has revised foreign exchange regulations to facilitate import of medical equipment and medicine.

In a press release issued on Wednesday, the SBP “allowed all federal and provincial government departments, hospitals in public and privates sectors, charitable organisations, manufacturers and commercial importers to make import advance payment and import on open account, without any limit, for the import of medical equipments, medicines, and other ancillary items for the treatment of COVID-19.”

Further the banks have been allowed to approve Electronic Import Form (EIF) for the import of the equipment donated by international donor agencies and foreign governments to facilitate their seamless and speedy purchase.

The move comes amid the growing number of coronaviru cases in the country. “An effective strategy to fight against the menace of COVID-19 requires timely availability of needed equipment,” said the SBP.

“In the backdrop of unprecedented spread of the deadly virus, the SBP has taken these measures to facilitate the import of much needed equipment in a seamless manner,” said the SBP.

It has also revised the existing foreign exchange regulations for import of goods against Advance Payment and Open Account, the press release added.

T-bill cut-off yields decline

The government on Wednesday borrowed Rs552 billion through the auction of treasury bills as cut-off yields on all three tenors declined significantly compared to the last auction.

The Wednesday’s auction saw total bids worth Rs1.3 trillion showing investors’ appetite for government papers. However, despite large interest, the government only raised Rs552bn close to its auction target of Rs500bn.

The government raised Rs242.2bn from three-month instruments with a cut-off yield of 11.3 per cent, noting a reduction of 143 basis points compared to the previous auction.

Similarly, cut-off yields of six-month papers were also reduced by 121bps as the government raised Rs151.9bn from this tenor at a rate of 11.3pc.

The government also raised Rs157.5bn from 12-month papers at the rate of 10.87pc noting a reduction of 113bps in the yield of one-year papers.

The State Bank of Pakistan also cut the policy rate to 11pc from 13.25pc in the last seven days.

Published in Dawn, March 26th, 2020

Opinion

Missing I.A. Rehman’s wisdom
18 Apr 2021

Missing I.A. Rehman’s wisdom

Does the state of Pakistan, all institutions included, have the political will to address the runaway intolerance in society and
Ostrich approach
18 Apr 2021

Ostrich approach

The logic of blocking social media to contain protests is flawed.
Wings of mediation
18 Apr 2021

Wings of mediation

ADR benefits could ensure the expeditious settlement of tax disputes.
Banning Mr Rizvi
17 Apr 2021

Banning Mr Rizvi

Sooner than later, fanatics start to pull their own strings.

Editorial

18 Apr 2021

More cabinet changes

PRIME MINISTER Imran Khan has reshuffled his cabinet yet again in what is obviously another attempt to shore up his...
Blocking social media
Updated 18 Apr 2021

Blocking social media

FOR four hours this week, all social media platforms in the country were shut down, a measure the government said ...
18 Apr 2021

Peasant rights in Sindh

IN a seminar held in Nawabshah recently, the Sindh Human Rights Commission and Hari Welfare Association reiterated a...
17 Apr 2021

Pak-India mediation

QUESTIONS had been swirling about what and who has prompted the latest detente between Pakistan and India. Now, it...
17 Apr 2021

Energy exploration

SOME exploration and production companies want the government to prioritise offshore exploration — a high-risk...
17 Apr 2021

Professor’s removal

IN a step that will go far in sending a message of reassurance to female students and academic staff in ...