The State Bank of Pakistan has relaxed foreign exchange rules to boost energy imports.
Under the new decision, commercial banks have been allowed to issue financial instruments at the time of import of crude oil and petroleum products, while it has also been made possible to issue standby letters of credit for energy products including LNG.
These changes have been implemented through amendments to the Foreign Exchange Manual, which are aimed at facilitating energy trade and speeding up the payment process.
The State Bank has directed authorized dealers to inform customers about the new regulations and ensure full compliance.