SBP proposes a system to work with exporters in selling products on digital marketplaces
The State Bank of Pakistan (SBP) has proposed a framework for working with Pakistani exporters to sell their products through international digital marketplaces.
In a press release issued on Monday, the central bank said it had proposed changes in its regulatory instructions for sending out products from Pakistan with the agenda of modernizing foreign exchange regulations.
It added that the progressions were pointed toward advancing simplicity of working together by improving on existing instructions.
“The key amendments proposed include a framework for facilitating Pakistani exporters to sell their products through international digital marketplaces including Amazon, e-Bay and Ali Baba under business to business to consumer (B2B2C) e-commerce model,” it said.
Amendments needed in trade guidelines to carry out the Pakistan Single Window Project, which would kill the necessity of an electronic Form-E, are additionally essential for the amended draft, it added.
“Regulatory approvals required from SBP have been proposed to be delegated to banks to facilitate the business community. The proposed changes are a part of SBP’s broader agenda to revise existing foreign exchange regulations to align them with the changing market dynamics, business needs and global trade practices,” the central bank said.
As a part of this process, 11 chapters of the Foreign Exchange Manual have effectively been modified through a consultative process with the banking industry and the business community, it added.
The most recent revisions in foreign exchange instructions relating to sends out are given in chapter 12 of the manual. The report has been transferred to SBP’s website and can be gotten to here.
Last month, e-commerce giant Amazon had added Pakistan to its sellers’ list.
In a tweet reporting the development, Adviser to the Prime Minister on Commerce, Textile and Investment Abdul Razzaq Dawood said: “It is a big accomplishment for our e-commerce and will open up vast opportunities for a new breed of young men and women entrepreneurs. We congratulate everyone involved.”
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