Pak Suzuki Motor Company (PSMC) has declared that its car production facility will remain suspended for another two days, but the motorbike plant will remain operational.
PSMC made this announcement at Pakistan Stock Exchange (PSX) on Friday and said that the production will be closed from 8 to 9 September.
The automobile company highlighted the State Bank of Pakistan’s (SBP) new rules regarding prior authorization for CKD imports, stating that such restrictions impeded the clearing of import consignments, causing inventory levels to drop.
In addition, Indus Motors Company (IMC), a manufacturer of Toyota vehicles in Pakistan, has also announced a 15-day production shutdown due to the same reason.
Auto companies hit a snag after the federal government imposed an import embargo four months ago but later lifted it in accordance with International Monetary Fund’s (IMF) conditions.
Note here that the companies, which relied heavily on imported products to run their production, suffered a major setback even though the country’s Current Account Deficit (CAD) improved and the pressure on the rupee was slightly relieved.