KARACHI: Owing to non-availability of greenback, commercial importers have announced to stop import of all eatables and drinks from June 25.

According to statement by Karachi Wholesale Grocers Association Secretary Farhat Siddique all banks have refused to provide them with dollars.

After thorough discussion, Association decided that importers should inform their indenters that no shipment should be dispatched after June 25.

Importers are only responsible for clearance of goods that have reached port or are on way. No shipment would be cleared that was dispatched after June 25.

Association lamented that due to lack of foreign currency, thousands of containers are stuck at port and they are paying fines and other charges on them.

Statement said State Bank of Pakistan is not providing much-needed foreign exchange and its policies are extremely harmful to country's economy.

Left with barely enough foreign exchange reserves to cover one month's imports, coalition government is desperately trying to manage balance of payments crisis and bring inflation under control after it hit record of nearly 38 percent last month.

Dollar crunch, restrictions on imports and delay in opening letters of credit have severely affected several sectors of country as none of them met growth targets set for fiscal year 2022-23.

Published in The Daily National Courier, June, 19 2023

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