The year has just started and Pak Suzuki Motor Company (PSMC) is closing down its operations once again from 9th to 13th January 2023 owing to a shortage of resources caused by restrictions imposed by the State Bank of Pakistan on the import of CKD kits.
It is pertinent to mention that Pak Suzuki Motor Company (PSMC) had already observed Non-Production Days (NPDs) from 2nd to 6th January 2023 for the same reasons.
The restrictions on opening Letter of Credit (LCs) for import of Completely Knocked Down (CKD) kits has made a great hurdle for automotive manufacturers, which has caused them to shut down production for several days almost every month.
However, the State Bank of Pakistan (SBP) has announced relaxation for automotive manufacturers in terms of LCs, which is going to provide the automotive industry a much needed relief.
Furthermore, the Government has also reduced custom duty on the import of assembly kits for small cars having engines with a displacement of 1000cc or less.