KARACHI: With the agreement of the federal cabinet, the State Bank of Pakistan (SBP) has requested that all banks permit sugar exports for an additional fifteen days.
According to an SBP circular sent on Friday, “the federal cabinet has approved a 15-day extension in the 45 days already allowed for shipment of sugar export consignment.”
According to the statement, for other provinces, the extended period will start on the date the Provincial Cane Commissioner allocates the quota.
The 15-day extension applies to the sugar mills in Punjab that have not yet used their export quota, and it takes effect on the day this cabinet decision is released.
Sugar mills that have not used export revenues to pay growers for unpaid invoices will not be covered by the aforementioned prolongation of the shipment time.
