KARACHI: The State Bank of Pakistan (SBP) Friday announced that it will maintain the cash margin requirements on the import of specific 177 items for another three months.
Earlier this year, in order to curb imports, the SBP decided to impose cash margin restrictions on several imported items. Accordingly, in April, the SBP advised banks to obtain a 100 percent cash margin on the import of some 177 items. As per the directives, cash margins deposited by importers on all specific items were non-remunerative to the cash margins and were till December 31, 2022.
As the deadline for the cash margin restriction was being expired on 31st Dec, the SBP has issued fresh directives and decided to continue the cash margin requirement for another three months.
It has been decided to extend the timeline for maintaining cash margin requirements on the import of specific items from December 31, 2022 to March 31, 2023.
As per the directives, to ensure effective monitoring, banks are also required to submit details of cash margins, applicable on all items, collected from importers on a monthly basis. Data for the ongoing month should be reported to the Statistics & Data Ware House Department of SBP latest by the 10th of the following month.