SBP relaxes regulations for goods export

The State Bank of Pakistan (SBP) has proposed changes to its regulatory instructions for export of goods from the country.

In a statement on Monday, the central bank said that these changes were aimed at promoting ease of doing business by simplifying the existing instructions.

“The key amendments proposed include the framework for facilitating Pakistani exporters to sell their products through international digital marketplaces including Amazon, e-Bay and Alibaba under business-to-business-to-consumer (B2B2C) e-commerce model,” it said.

The amendments required in export regulations to implement Pakistan Single Window project, which would eliminate the requirement of electronic Form-E, were also part of the revised draft, the statement added. Likewise, in some other areas, the regulatory approvals required from the SBP have been proposed to be delegated to banks to facilitate the business community.

The proposed changes are part of the central bank’s broader agenda to revise the existing foreign exchange regulations.