Garment makers demand currency concession
12/11/2008
The leather garments industry in Pakistan has asked the country's central bank for relief in its efforts to bring in raw materials.
Fawad Ijaz Khan, chairman of the Pakistan Leather Garments Manufacturers & Exporters Association (PLGMEA) has asked the governor of the state bank of Pakistan, Dr Shamshad Akhtar, to allow blanket permission to exporters to offset foreign currency proceeds against their own import requirements without conversion into rupees and re-conversion back into foreign currency.
He said exporters were facing problems in import payments because of the unstable exchange situation in the country, and that this idea of offsetting would alleviate the currency risk that exporters face.
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