ISLAMABAD: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday refuted the claim made by State Bank of Pakistan (SBP) that there are no restrictions on the import of raw materials for any industry, as reported by a media outlet.
According to a statement quoted by the News, FPCCI Acting President Suleman Chawla said that SBP has failed in exercising its constitutional duties of effectively regulating the commercial banks through various policy tools at its disposal; and that “commercial banks are making windfall profits through speculative trading of dollars”.
FPCCI acting president said that SBP has been reminded time and again of their responsibilities to control commercial banks, but such reminders were always unfruitful.
As per FPCCI there were still difficulties in opening letters of credit with commercial banks under chapter 84 and 85 of the custom tariff, despite the SBP’s claim of issuing a circular to the commercial banks in this regard.
In a statement FPCCI Vice President MA Jabbar said that despite taking responsibility for its failure, SBP has resorted to blaming the industrialists and their representatives.
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