State Bank of Pakistan (SBP) announced removing import restrictions on January 2, 2023.
“Attention of the authorized dealers (ADs) is invited to EPD Circular letter No.9 of May 20, 2022, and Circular letter No. 11 of July 5, 2022, wherein ADs were required to seek prior permission from Foreign Exchange Operations Department SBP-BSC before initiating any import transaction about HS Code Chapter 84, 85 and certain items of Chapter 87,” according to an official statement.
“It has now been decided to withdraw the above instructions from January 2, 2023. Consequently, requests for import transactions already submitted to SBP-BSC about above referred HS Codes stand returned to the ADs for appropriate disposal at their end.”
The central bank stated dealers might prioritize or assist imports under vital, energy, export-oriented, farm input, deferred payment/self-funded, and export-oriented projects approaching completion.
The central bank stated dealers might prioritize or assist imports under vital, energy, export-oriented, farm input, deferred payment/self-funded, and export-oriented projects approaching completion.
Imports
Food (wheat, edible oil, etc.) and pharmaceutical imports (raw materials, life-saving/essential drugs, surgical instruments, including stents)
Oil and coal imports (for power projects based upon merit order of Ministry of Energy).
Export-driven imports
Imports of export-oriented raw materials, inputs, and spare components.
Agriculture-related imports
Import seeds, fertilizers, and insecticides for agriculture.
Self-funded and deferred-payment imports
Imports with deferred payment, preferably from parents/sister concerns, beyond 365 days from dispatch. Imports supported by the foreign exchange are available to importers through equity or project/import loans in compliance with Foreign Exchange Regulations.
Near-completion export imports
Import plant and machinery for export-oriented projects approaching completion where at least 75% has been imported.
The central bank directed ADs to aggressively engage with all their customers to handle their requests, considering the consumer’s risk profile and foreign exchange liquidity situations.
It told authorized dealers to inform all of their customers.
 announced removing the condition to seek prior permission from Foreign Exchange Operations Department (SBP-BSC) on January 2, 2023.){kind=link}