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The State Financial institution of Pakistan (SBP) Thursday rejected rumours that the federal government has imposed restrictions on the opening of Letters of Credit score (LCs) or contracts for the import of crude oil, liquefied pure gasoline (LNG) and different petroleum merchandise.
In a short assertion, the central financial institution stated: “Such data is being unfold with ulterior motives to create uncertainty available in the market.”
Earlier, new stories have been being circulated claiming that the nation would possible face a scarcity of petroleum merchandise because the import of important chemical compounds — required by the refineries to course of the crude oil — is in jeopardy.
The information stories talked about that the LC for the import of chemical compounds important for refinery operations weren’t being opened and this case might result in the discount or suspension of the refineries’ operations, leading to a scarcity of POL merchandise, notably of Mogas (petrol).
The SBP within the assertion issued as we speak talked about that it ensures the well timed processing of overseas foreign money funds by way of banks associated to the import of oil and gasoline merchandise (together with LNG) and in accordance with the contractual maturity of the commerce paperwork.
“All of the LCs or contracts for oil import are being retired on their due date by way of interbank overseas change market with none delay,” it stated, including that the identical was additionally evident from commerce information launched by the SBP when it comes to which nation’s oil import stood at $1.48 billion and $1.47 billion for the month of September 2022 and October 2022 respectively.
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