KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad on Wednesday expressed hope that the country s foreign exchange reserves would increase after the influx of US dollars next week, saying the process to open letters of credit (LCs) would be restored soon.
Addressing the business community at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in the provincial capital, he said the central bank wanted to facilitate the business communtiy [at every cost]. He said the government had to take some tough measures in the wake of widening currenct account deficit (CAD).
The governor admitted that the imports witnessed a drop and that the central bank was facilitating the process for the agriculture sector. He said 33,000 LCs had been cleared so far.
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