SBP issues list to impose 100% cash margin on import State Bank of Pakistan

SBP issues list to impose 100% cash margin on import

KARACHI: The State Bank of Pakistan (SBP) on Thursday issued a list of 177 items for imposing 100 per cash margin on import with immediate effect.

In this regard, it has been decided that banks, with immediate effect, shall obtain 100 percent cash margin on the import of items as listed in the enclosed Annexure-A. The cash margins on these specific items will remain in place till December 31, 2022, the central bank said in a circular.

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The cash margins deposited by importers on all items shall be non-remunerative.

The SBP further said that to ensure effective monitoring, banks are required to submit details of cash margins, applicable on all items, collected from importers on monthly basis, as per format at Annexure-B.

Data for ongoing month should be reported to Statistics & Data Ware House Department latest by the 10th of the following month.

Further, monthly data for the period September 2020 to March 2022 is required to be submitted on the same format latest by June 30, 2022.