ISLAMABAD: The Federal Board of Revenue (FBR) and the State Bank of Pakistan on Friday discussed ways for the release of stuck-up consignments and the opening of new letters of credit (LCs).

An official announcement said FBR Chairman Asim Ahmad and SBP Governor Jameel Ahmad in their meeting discussed various issues in the context of the central bank’s recent circulars to the banks.

The SBP governor said the central bank will try to resolve the issues faced by businesses and trade due to the changed regulatory framework of foreign exchange.

Mr Asim reiterated the full cooperation of FBR including the exchange of information with SBP. He also informed the SBP governor about the implementation of newly issued foreign currency limitations for passengers travelling abroad.

Both agreed on close coordination between SBP and FBR for effective implementation of policies along with an improved regulatory environment for economic development, added the announcement.

Published in Dawn, November 12th, 2022