State Bank lifts pre-approval condition on import of raw materials for medicines

By Muhammad JuniadPublished On 06 Jan 2023

In a bid to avert the impending medicines crisis, the central bank has decided to terminate the condition of pre-approval for the import of raw materials required for the production of medicines.

State Bank of Pakistan (SBP) had earlier issued a circular in July 2022 in which it had termed prior permission for import-related transactions.

However, the measure was expected to create a shortage of medicines in the country due to the unavailability of raw materials for production.

In this regard, the central bank has written a letter to the health ministry.

The letter stated that the condition has been removed now and raw materials required for life-saving drugs and surgical equipment could be imported without approval from SBP.

It instructed the importers to contact related banks for carrying out transactions for import.