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December 28, 2022
OICCI President, Ghias Khan, along with MC Members Ahmed Zahid Zaheer, Erum Shakir Rahim, and Markus Strohmeier, and CE/Secretary General, M. Abdul Aleem, met with Governor SBP, Jameel Ahmad to discuss the restrictive measures in place by SBP and the issues being faced by our members. The major focus of the meeting was to apprise the Governor of OICCI’s viewpoint on SBP’s restrictive measures and the following pointers were discussed:
  1. Business operation cases
    1. LC for import of Raw Materials and spare
      • Banks not opening LCs
      • Limit set by SBP is insufficient / streamline the process
      • 100% cash margin on import of certain items (e.g., telecom equipment, CKD)
    2. Service and goods payments to suppliers
    3. Insurance, royalties, debts, and other similar payments
    4. Telecom issues
  2. Dividend remittance cases
    1. Can we start with smaller dividends of last quarter or soforth
    2. Can we lock in dollar value of dividend pending remittance so that exchange loss to receiver is avoided
  OICCI appreciates the efforts of the SBP and the Governor to actively manage business continuity and the challenging position through these difficult times. SBP expanded upon the details of the Circular easing restrictions on imports under Chapters 84 and 85, sharing that decision authority is being moved up to banks as they are in a better position to understand the criticality of their clients’ cases. The meeting went forward with a positive note and SBP Governor was very encouraging and appreciative. OICCI team also emphasized on outstanding Dividend and Royalty remittances of members to be considered partially/gradually as the situation improves.