KARACHI: The State Bank of Pakistan (SBP) has made some key amendments to its foreign exchange regulations to facilitate exporters to sell their products through international digital marketplaces.

“The key amendments proposed include framework for facilitating Pakistani exporters to sell their products through international digital marketplaces including Amazon, e-Bay, Ali Baba under Business to Business to Consumer (B2B2C) e-Commerce model,” said an SBP circular issued on Monday.

The central bank has proposed changes to its regulatory instructions for exports of goods from Pakistan while these changes aim to promote ease of doing business by simplifying the existing instructions.

“Amendments required in export regulations to implement Pakistan Single Window Project, which would eliminate the requirement of electronic Form-E, are also part of the revised draft,” said the SBP.

Likewise, in some other areas, regulatory approvals required from the SBP have been proposed to be delegated to banks to facilitate the business community, it added.

“The proposed changes are a part of SBP’s broader agenda to revise the existing foreign exchange regulations to align them with the changing market dynamics, business needs and global trade practices,” said the SBP.

As a part of this process, 11 chapters (out of 22) of the Foreign Exchange Manual have already been revised through a consultative process with the banking industry and the business community, the SBP added.

Published in Dawn, June 15th, 2021