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Pakistan central bank proposes framework for Amazon, eBay, Alibaba exports

Invites suggestions from stakeholders

SAMAA | - Posted: Jun 14, 2021 | Last Updated: 5 months ago
Posted: Jun 14, 2021 | Last Updated: 5 months ago

Photo: Export Processing Zone Authority website

The State Bank of Pakistan is looking to facilitate Pakistani exporters in selling their products through international digital marketplaces. It has proposed changes, including the implementation of Pakistan Single Window Project and delegating regulatory approvals to banks, to facilitate export-based businesses.

The central bank has proposed amendments to export regulations to implement Pakistan Single Window Project, which would eliminate the requirement of electronic Form-E.

It has proposed delegating regulatory approvals, previously required from the central bank, to commercial banks to facilitate the business community.

The State Bank says it is part of the agenda of modernizing foreign exchange regulations.

“These changes aim at promoting ease of doing business by simplifying the existing instructions,” the State Bank said in a statement.

“The proposed changes are a part of SBP’s broader agenda to revise the existing foreign exchange regulations to align them with the changing market dynamics, business needs and global trade practices.”

You can visit this link for more details on the changes.

The State Bank has asked for suggestions from the business community, banking industry and other stakeholders on the proposals before announcing the final changes.

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