The State Bank of Pakistan (SBP) has declared that banks shall obtain 100% of the invoice value (cash margin) from importers for issuance of Letter of Credits (LCs) with immediate effect. This declaration enacted on imports of 177 items includes HRC and CRC, although it excludes scrap. The key objective is to discourage excess imports and support balance of payments, which took a hit as the PKR hit an all-time low against the USD recently.
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