Home / Knowledge / News / Association/Org / Dr Akhtar advises Banks to expedite repatriation of export proceeds

Dr Akhtar advises Banks to expedite repatriation of export proceeds

18
Aug '08
Dr Shamshad Akhtar, Governor State Bank of Pakistan, advised all commercial banks to ensure repatriation of overdue export proceeds.

Addressing a meeting of heads of commercial banks held at State Bank of Pakistan, Karachi, Dr Akhtar expressed concern over inability of banks to realize export proceeds within the stipulated period of 180 days.

She recommended that banks should concentrate on encouraging exporters to bring back over-due export proceeds, which are held-up for less than a year.

“Banks have to really act fast to ensure realization of approximately $200 - $220 million overdue proceeds on which the State Bank staff will be working closely with them.”

SBP Governor underscored the need to devise a mechanism to segregate between those exporters who have genuine problems and those who are not bringing back export proceeds willfully.

The State Bank and banks are to conduct analysis of reasons for delays in export proceeds beyond one year and work out linkage between held up export proceeds and Export Refinance.

She also said that banks and the State Bank should also develop a database of export proceeds region wise/customer wise in order to expedite repatriation of the held up proceeds.

Representatives of the commercial banks assured the central bank that they will make utmost efforts towards realization of export proceeds. They also agreed to have another meeting with the Governor SBP after 15 days to report the progress in this regard.

State Bank of Pakistan


Must ReadView All

Pic: Shutterstock

Textiles | On 27th Oct 2020

Scottish businesses to gain from UK-Japan trade agreement

Scottish businesses, including textile firms, are set to benefit from ...

Pic: SA Company

Apparel/Garments | On 27th Oct 2020

TZP Group makes strategic investment in SA Company

TZP Group, through TZP Capital Partners III, a private equity firm...

Pic: Le Chateau

Retail | On 27th Oct 2020

Canada's Le Chateau files for bankruptcy protection

Canadian specialty retailer and manufacturer of exclusively designed...

Interviews View All

Jurgen Gauger, Spreadshirt

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Top executives, Fabric manufacturers

Top executives
Fabric manufacturers

Domestic manufacturers would get an edge over imported products

Textile Industry, Head honchos

Textile Industry
Head honchos

One thing is certain, online sales will go up

Martina Giorgetti,

Martina Giorgetti

Italy-based Cibitex is a manufacturer of textile finishing machinery,...

Marcello Galvanin,

Marcello Galvanin

Galvanin has more than 50 years of experience in the production of textile ...

Akash Sehgal,

Akash Sehgal

Part of retail and hospitality conglomerate Landmark Group in Dubai,...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search