Islamabad: In a collaborative effort to address challenges related to stuck-up consignments and the opening of Letters of Credit (LCs), the Federal Board of Revenue (FBR) and the State Bank of Pakistan (SBP) engaged in discussions on Friday.
The meeting between SBP Governor Jameel Ahmad and FBR Chairman Asim Ahmad, held at the FBR headquarters, aimed to exchange views on various issues impacting businesses and trade.
A key focus of the discussion was the issues arising from the recent circulars issued by the SBP to banks, particularly concerning stuck-up consignments and the procedures for opening LCs. Both officials deliberated on the implications of the changed regulatory framework of Foreign Exchange and explored potential solutions to ease the challenges faced by businesses and traders.
SBP Governor Jameel Ahmad assured Chairman Asim Ahmad that the central bank is committed to resolving the issues and concerns raised by businesses due to the revised regulatory framework. The collaborative effort between the FBR and the SBP aims to create a more conducive environment for trade, ensuring smoother operations and facilitating economic growth.
Chairman Asim Ahmad reiterated the full cooperation of the FBR in addressing these challenges. He emphasized the importance of close coordination between the two institutions to ensure the effective implementation of policies and the development of an improved regulatory environment conducive to economic development.
During the meeting, the FBR Chairman also provided updates on the implementation of newly issued foreign currency limitations for passengers traveling abroad. The exchange of information between the FBR and the SBP was highlighted as a critical aspect of their collaboration, ensuring transparency and the seamless implementation of policies.
Both parties agreed on the need for continued cooperation and coordination to navigate the complexities of the evolving regulatory landscape. The collaborative efforts between the FBR and the SBP signify a commitment to fostering a business-friendly environment, addressing challenges promptly, and streamlining processes for the benefit of businesses and the overall economy.
As the FBR and SBP work together to find effective solutions, the business community can anticipate a more efficient and supportive regulatory framework, contributing to enhanced trade activities and economic development in Pakistan.
