KARACHI: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has urged the State Bank of Pakistan (SBP) to issue a strategy paper for consumption of foreign exchange with the preference of import items.

In a letter, written by Suleman Chawla, Acting President FPCCI and sent to Dr. Murtaza Syed Acting governor SBP, the FPCCI has not only expressed serious concern over the non-responding attitude of State Bank towards correspondence by the apex body, but also asked the SBP to apprise the positions of foreign exchange.

With the present economic situation of the country, the FPCCI has requested the SBP to provide the strategy paper in respect of careful consumption of foreign exchange including the preference of import items and allocations and settlements of foreign exchange in terms of most essential, just essential and non-essential import items.

The FPCCI has also asked the SBP for clarity over the present position of the foreign exchange available with the bank and future prospects of the reserves, besides the SBP’s short-term policy or strategy for managing foreign exchange.

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The Acting President of FPCCI has requested the SBP to inform the industry about the average time for processing of the import documents as the FPCCI has received various complaints for delay in opening of LCs including of consignments already landed on the port and incurring heavy demurrages. “The details of the measures taken by the State Bank to stop the flight of US dollars from Pakistan must be provided,” he maintained.

Chawla, in his letter, has also expressed strong reservations over the attitude of the State Bank’s officials towards the various correspondence forwarded by the President FPCCI. The FPCCI requested for meetings on urgent basis to discuss the issues being faced by the private sector, while the State Bank is not responding to the communication from the FPCCI, he added.

He maintained that the FPCCI is the representative body of the country’s private sector industry, services and business. It also represents some 246 leading trade associations of the country including all chambers of commerce and industry.

“Our offer of helping you in the improvement of policies should be responded to by arranging an urgent meeting. Legally and ethically, the SBP must respond to the FPCCI communications,” he added.

Further, Chawla said the FPCCI is a legislative body with the obligation of representing the private sector. There are reports the Acting Governor SBP is holding meetings with even individuals and non-legislated bodies, but meetings with the apex trade body on the issues related to members are not being responded to and considered, the letter said.

Copyright Business Recorder, 2022