Angry groups of importers registered a series of protests in Karachi in front of the Karachi Press Club, State Bank of Pakistan, and different commercial banks located on I.I. Chandigarh Road on Thursday.
The protesters demanded the banking regulator and banks to restore the letters of credit (LCs) facilities that have been restricted due to a lack of dollars in the country. Traders also protested about the non-clearance of containers.
Some of the agitated protests ransacked various branches of the different commercial banks including Meezan Bank, Bank Alfalah, and Soneri Bank. The protestors also manhandled the staff and damaged equipment.
Importers were of the view that their businesses have suffered due to the lethargic attitude of banks in providing them with the required services. They added that not only their consignments have been stranded but they have to pay exorbitant demurrage and other charges to relevant authorities.
In the last two months, dollar supplies to the local market have been curtailed due to higher import bill which contributes to the current account deficit. Importers were denied their services of LC opening and availability of dollars at the interbank rates.
After the protests, the commercial banks have beefed up the security of their branches to ensure the safety of their staffers.
