Pakistan banks asked to start sugar export process.

The State Bank of Pakistan (SBP) has asked authorised dealers (banks) to start processing applications for sugar exports. The SBP issued a circular that the process begins as per the instruction given by the Ministry of Commerce on July 2 for the export of 300,000 tonnes of sugar. Sugar mills are not satisfied with the limit of 300,000 tonnes set by the Economic Coordination Committee of the cabinet. They claim there is a glut-like situation in the domestic market. They demand that the limit on the export volume of sugar should be enhanced. Sugar prices recently increased in the domestic market as some parts of the country suffered shortages of the commodity. The SBP advised the authorised dealers to forward the requests of sugar mills to the director of the central bank Foreign Exchange Operations Department (FEOD) for approval.