The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
In an effort to boost protection of the country’s dwindling foreign reserves, the government has directed all importers to secure permission from Pakistan’s federal finance ministry for the opening of LCs. The move was taken to supplement State Bank of Pakistan (SBP) restrictions which cover only 15% of the country’s imports.
