KARACHI: The State Bank of Pakistan has introduced new steps in order to expedite and elevate the exports of Pakistan.
Under the new measures, the exporters of goods and services sector have been authorised by SBP to keep some part of the capital gained from exports in Special Foreign Currency Accounts (SFCA).
Under the newly issued guidelines by SBP, the scope of proceeds kept in SFCA has been widened and can be used for new purposes.
The existing list of the payments under SFCA accounts has been supplemented and the exporters have been allowed to make transactions for advertisement, marketing brand buildings, etc.
On the other hand, the portion of retaining the export proceeds in the SFCA account has remained unchanged.
By incorporating changes in the existing framework, it is likely that that the exports will increase in the future and the exporters will promote their businesses in a more comprehensive manner.
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