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

In a bid to avert the impending medicines’ crisis, the central bank has decided to terminate the condition of pre-approval for 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 shortage of medicines in the country due to 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.