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SBP rejects rumors about restrictions on opening LCs for import of crude oil, LNG

by Pakistan Latest News Update

The State Financial institution of Pakistan (SBP) Thursday rejected rumours that the federal government has imposed restrictions on the opening of Letters of Credit score (LCs) or contracts for the import of crude oil, liquefied pure gasoline (LNG) and different petroleum merchandise.

In a short assertion, the central financial institution stated: “Such information is being spread with ulterior motives to create uncertainty in the market.”
Earlier, new reviews have been being circulated claiming that the nation would probably face a scarcity of petroleum merchandise because the import of important chemical substances — required by the refineries to course of the crude oil — is in jeopardy.
The information reviews talked about that the LC for the import of chemical substances essential for refinery operations weren’t being opened and this example could result in the discount or suspension of the refineries’ operations, leading to a scarcity of POL merchandise, significantly of Mogas (petrol).
The SBP within the assertion issued in the present day talked about that it ensures the well timed processing of international forex funds via banks associated to the import of oil and gasoline merchandise (together with LNG) and in accordance with the contractual maturity of the commerce paperwork.
“All the LCs or contracts for oil import are being retired on their due date through interbank foreign exchange market without any delay,” it stated, including that the identical was additionally evident from commerce knowledge launched by the SBP when it comes to which nation’s oil import stood at $1.48 billion and $1.47 billion for the month of September 2022 and October 2022 respectively.

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