Korangi Association of Trade and Industry (KATI) President Faraz-ur-Rehman has welcomed the State Bank’s removal of the condition of Cash Margin Restriction (CMR) on imported goods. He said this initiative would remove the shortage of raw materials and essential items in the country. Suspended industrial production will resume, and exports will also recover.

President KATI said that the State Bank should impose third-party payment for the import of luxury and non-essential goods, and all import duties should be collected through bank accounts. He said that the government should provide more facilities by abolishing the duty on importing machinery required for the IT sector and technology transfer to increase industrialisation in the country.

Faraz-ur-Rehman said that since 2017, the ban imposed on various occasions was bringing disrepute to Pakistan in the international market. Buyers did not prefer to trade from Pakistan due to the ban. President KATI said that removing the condition of Cash Margin Restriction by the State Bank will restore the supply of scarce raw materials and essential commodities in the country.