KARACHI: The State Bank of Pakistan (SBP) on Monday directed all banks to obtain 100 per cent cash margins on the import of items.
In a statement released on its website, SBP said, “On exercise of the powers vested in the State Bank of Pakistan (SBP) under the Foreign Exchange Regulations Act, 1947, State Bank of Pakistan Act, 1956, and other enabling laws, it has been decided that banks, with immediate effect, shall obtain 100 per cent cash margin on the import of items such as listed (Annexure A). All other instructions on the matter shall remain unchanged”.
The list 131 items include motorcycles, rubber tyres, paper, gum base used for chewing gum, parts of AC machines, coin counting machines, auto bulbs, and glassware among others.
