Formal banking channels with Iran, Russia a must: PBF
PHOTO: FILE
The State Bank of Pakistan (SBP) has not opened any formal banking channels with Iranian and Russian markets due to which their potential cannot be tapped, says the Pakistan Business Forum (PBF).
PBF Vice President Ahmad Jawad said, “The SBP should facilitate exporters, especially for the Iranian and Russian markets, by issuing timely E-forms and making special arrangements for banking channels.”
“The Iranian market can absorb between 60,000 to 80,000 tonnes of kinnow a year, while the size of the Russian-Ukrainian-Belarus market (the largest citrus importer in the world) for the Pakistani citrus fruit can be doubled within no time from its present volume of around 50,000 tonnes provided the government establishes formal banking links,” observed Jawad.
“With an average annual harvest of 2.4 million tonnes, citrus contributes about 30% to the total national fruit production. This is seen increasing at an annual rate of 1.5% since the last two decades or so. During this period its export increased by 17% per annum,” he explained.
Given 50% lower production of the fruit, due to acute canal water scarcity and unexpectedly higher temperatures during the flowering stage of the plants, the price of oranges may rise this winter, warned the PBF official.
According to a notification from the district administration, “Kinnow exports will resume from the first week of December, but due to low production, the farm price will be Rs2,000 per mound.”
Published in The Express Tribune, November 20th, 2022.
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