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.
Bank of Punjab Empowered to Issue LCs Supporting Pharma Needs
Punjab Health Minister Dr. Javed Akram directs Bank of Punjab to issue Letters of Credit (LCs) for crucial pharmaceutical imports amidst concerns over foreign currency constraints. Details on safeguards and bank selection remain unclear. Stay updated on this development.
Punjab Health Minister Dr. Javed Akram directs Bank of Punjab to issue Letters of Credit (LCs) for crucial pharmaceutical imports amidst concerns over foreign currency constraints. Details on safeguards and bank selection remain unclear. Stay updated on this development.
With other banks refusing to issue letters of credit largely due to concerns over foreign currency constraints, including LCs supporting import of pharmaceutical materials and health care equipment, Punjab Health Minister Dr. Javed Akram has directed the Bank of Punjab to alleviate the problems facing the pharmaceutical industry by instructing the bank to open LCs for needed imports.
According to Pakistan Point News, Dr. Akram made his remarks at the Pak Pharma and Healthcare Expo on 16 February 2023 and in addressing the media after the event. It is unclear from the reporting what assurances or safeguards are being provided to the bank for it to issue LCs or why Bank of Punjab was designated for the business.
