ISLAMABAD: Chairman UK-Pakistan Business Council (UPBC) Mian Kashif Ashfaq Sunday urged the State Bank of Pakistan to provide 180- day time framework for export proceeds repatriation instead of 120 day from the date of shipment.
Talking to a delegation of exporters led by Nasir Husssin, he said recent amended foreign exchange regulations would disrupt the export sector as exporters entered into long term agreements with their foreign buyers wherein terms are outlined under 180-day repatriation model.
Mian Kashif said the pandemic was not over and given the fifth wave of Covid 19 hovering around the globe, another economic crisis is clearly imminent that would force the closure of western markets and ultimately badly affect the payment schedule beyond the control of human being.
He urged the State Bank of Pakistan to review its decision of curtailing time framework from 180 day to 120 day.
He said Prime Minister Imran Khan had been fully supportive of the export sector and keen enough for taking bold steps for the promotion of export but such decisions would may reverse what had been achieved in the past in contradiction with the vision of PTI government.