Exporters are being forced to return their export proceeds within the stipulated date, TMA. Photo: File
Karachi: The Towel Manufacturers and Exporters Association expressed concern over the relaxation of import restrictions.
The Towel Manufacturers and Exporters Association has termed the State Bank’s easing of import restrictions as worrying, saying that this ban was imposed in December 2022 to improve foreign exchange reserves, but despite the decrease in foreign exchange reserves, the State Bank Import restrictions have been lifted in a surprising manner.
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The TMA says it is unable to understand the government’s strategy regarding the sudden end to the import restrictions as the decision will have an adverse impact on the country’s foreign exchange reserves and on the other hand, forced exporters from the central bank. They are going to return their export amount within the stipulated date otherwise they will face penalty under SBPFE Circular No.02.
In view of the ongoing economic situation, TMA has suggested to the government to allow only five key export sectors to import required raw materials for the development of domestic exporters.
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