KARACHI:State Bank of Pakistan, and Federation of Pakistan Chambers of Commerce and Industry have decided to form joint interaction committee for timely redressal of the business community, to develop better understanding and partnership for strengthening the country’s economy and its sustainable growth in future.
During his meeting with FPCCI leadership at the Federation House on Tuesday, SBP’s Acting Governor Dr. Murtaza Syed also to appoint SBP Liaison Officer for keeping close coordination with FPCCI, the trade body of the country having 245 chambers and trade associations as its members.
SBP Governor — accompanied by SBP top brass including two Deputy Governors Dr. Inayat Hussain and Ms. Sima Kamil — discussed current economic scenario, the challenges and the measures being taken by the Government and the Central Bank.
He appreciated the business community for their endurance in facing the challenges posed by the developments at domestic and international levels , and ensured that SBP would provide them its full support by addressing their concerns as much as possible.
He informed that staff-level IMF agreement was already in place and the board-level approval was expected in the third week of August as their board would meet after their vacations in the first-half of August would over.
SBP believed that rupee was undervalued at the moment and dollar had overshot in the forex market for several reasons. However, he hoped, it would come down to its real value in 2 or 3 months.
He invited the business community to sit together with the SBP top brass for a constructive consultative process and give suggestions on prevailing economic situation, foreign exchange and other related issues.
SBP Chief also assured the participants to look into technical requirement of prior approvals required by the commercial banks from SBP on the clearance of financial documents of the consignments with the H.S. Codes starting with 84 & 85 as these restrictions were affecting the import of tractor parts and other agricultural machinery as well.
FPCCI President Irfan Iqbal Sheikh spoke on on current business scenario from FPCCI perspective.
He requested SBP’s Acting Governor to use policy tools available at the Central Bank’s disposal to check the speculative dollar trading over the past few weeks.
He observed that importers, manufacturers and industries were at the receiving end due to speculative nature and unavailability of dollars, shortage of industrial raw materials and the resultant disruptions in the production processes.
He mentioned that over the past several weeks the commercial banks had been offering LCs to importers at the rates higher than inter-bank rates and requested the SBP to play its role for course correction.
FPCCI President also gave suggestions , which SBP Governor assured to be dully considered.
FPCCI members made quarries which were responded by SBP team.