Banks to slow import, will no longer offer loan for imported cars
The decision to stop giving out loans for imported vehicles was taken by the State Bank of Pakistan. It is an effort to stop the already high trade and current deficits.
Imported cars being transported in Pakistan
The State Bank of Pakistan(SBP) recently released its revised prudential regulations (PRS) for consumer financing. The revised regulations alongside other changes included the reduction of loans for imported vehicles. SBP took this step inorder to maintain the the ballooning trade deficits and stop import growth in the country.
SBP in the revised regulations have made some notable changes regarding loans for imported vehicles. Changes includes reduction in financing limit moreover a reduction in time limit for the loan. After releasing the revised regulations on Thur...