After the news was published on the Daynews.tv about Suzuki company, Toyota, and Indus Motors made an announcement about suspending their production plant in Pakistan. State Bank of Pakistan SBP decided lifting the ban on Letter of Credits (LCs).
The initiative was taken by the SBP to lift the Ban on imported will have positive impact on economy.
Here is the statement Issued SBP
In the statement by SBP has said “It has now been decided to withdraw above instructions with effect from January 2, 2023. Consequently, requests for import transactions already submitted to SBP-BSC pertaining to above referred HS Codes stand returned to the ADS for appropriate disposal at their end.”
“2023 to be Toughest Year for Auto Industry” Mashhood Ali Khan
Due to the country’s foreign exchange crisis and the non-opening of LCs for the import of raw materials, the Pak Suzuki Motor Company (PSMC) stated on Monday that it will temporarily halt operations.
Before SBP’s decision to lift the ban, Day News TV had an interview with Mashhood Ali Khan, former leader of PAAPAM, to learn more about the situation.