What happened : In its plan to modernise Foreign Exchange Regulations the State Bank of Pakistan (SBP) suggested changes in its regulatory instructions of exporting goods from Pakistan. The central bank issued a press release on Monday which included a framework for aiding Pakistani exporters to sell their products through international digital marketplaces such as Amazon, e-bay, and Ali Baba. This would be done under a business-to-business-to-consumer e-commerce model. Eleven chapters of the Foreign Exchange Manual have been revised and are available on SBP’s website.
2/2 Amendments required in export regulations to implement Pakistan Single Window Project, which would eliminate Electronic Form-E requirement, are also part of revised draft: https://t.co/Vgio2RfK2k Stakeholders may submit feedback at feedback.epd@sbp.org.pk by June 20, 2021.
— SBP (@StateBank_Pak) June 14, 2021
The bigger picture : Just last month Amazon added Pakistan to its sellers lost. Therefore, this new framework is part of SBP’s broader agenda to adjust foreign exchange regulations and align them with the changing market dynamics, business needs, and global trade practices. Click here for more from ProperGaanda.