Greenback Crisis, LCs Strict Condition Force Traders to Stage Protest - Capital TV

May 29, 2023


Greenback Crisis, LCs Strict Condition Force Traders to Stage Protest

Anum Razzaque

KARACHI: The crisis of the greenback and the strict conditions to open a letter of credit (LCs) forced traders to demonstrate against the State Bank of Pakistan (SBP).

All City Tajir Ittahad Association (ACTIA) staged a protest outside the building of SBP and demanded to relax of the policies of LCs opening.

Sharjeel Goblani, Chairman of ACTIA demanded stakeholders dismiss anti-national and anti-trade policies.

“The state bank should permit banks to open LCs,” he also demanded, “To release containers stranded at the port for months.”

The chairman of the association also claimed that the state bank is responsible for raising the price of a dollar.

Goplani also asked the state bank to take action against those, who are involve in the smuggling of the greenback.

The day before, The All Pakistan Timber Traders Association (APTTA) and Karachi Wholesale Grocers Association (KWGA) also staged a protest.

The protest was against the refusal of banks, as banks are not entertaining the delivery acceptance documents and not issuing the letter of credit as well.

On 11 January, in a press conference the Chairman of the Karachi Chamber of Commerce (KCCI), Abdul Rauf Ibrahim, said “six thousand containers have stuck at ports and have been paid $48 million in the account of demurrage yet.”

He revealed that the pulses stuck at the port amount to $1.5 billion and recommended the government ban all the next consignments including pulses but release the stuck containers.

They also expressed the fear of the Pulse’s crisis in Ramzan-ul-Mubarak.

icon-facebook icon-twitter icon-whatsapp

Leave a Reply

Your email address will not be published. Required fields are marked *