Karachi [Pakistan], June 20 : Commercial importers in Pakistan have announced to stop the import of all food and drink commodities after June 25 due to the non-availability of foreign exchange, reported Pakistan vernacular media Intekhab Daily.
During an important meeting, Farhat Siddique, Secretary of Karachi Wholesale Grocers Association, said in an announcement that all banks have refused to give dollars to the importers, as per Pakistan vernacular media Kashmir Express.
All the importers and indenters in the meeting of the association. Furthermore, the importers said that thousands of containers are currently stuck at ports due to foreign exchange issues and are hence incurring fines and charges, as per Pakistan vernacular media Kashmir Express.
However, Farhat further said that the State Bank is not providing foreign exchange for them. If this situation continues, there will be a food crisis in the coming days, he added, according to Pakistan vernacular media Intekhab Daily.
Last month, Pakistan's Ministry of Finance warned of challenges originating from uncertain external and domestic economic environments, including higher inflation and external debt repayments, due to lesser foreign exchange inflows, according to Geo News.
The ministry, in its monthly outlook bulletin, projected that the inflation for the month of May will remain in the range of 34-36 per cent.
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