Another Setback for Mobile Industry as SBP Issues new Rules For Import Transactions
A circular letter has been issued by SBP regarding imports of goods. It entails, Annexure
So now, the local manufacturers will require prior approval from FEOD. The state bank of Pakistan can also put the approval in pending so that the transaction cannot happen and essentially import is blocked. This isn’t a good sign for the country’s local mobile industry which witnessed a boom in the last couple of years. Pakistan achieved a milestone in 2021 with domestic production of mobile phones surpassing imports for the first time. However, such steps as recently taken by SBP would plummet the exports and would prove detrimental to the local mobile industry. Furthermore, in this regard, the CEO of Swift Biz Solutions (DIGIT Brand), Mr. Abdul Rehman Mahmood said, Check out? Google News redesign puts great prominence on local stories
