KARACHI: The State Bank of Pakistan (SBP) on Tuesday said that there is no restriction on the import of raw materials for any industry including export-oriented industries.

`It is further clarified that SBP has advised banks to seek prior permission before initiating transactions for import of motor cars (CKD), mobile phones (CKD) and machinery,` said the SBP.

Some media reports and representatives of trade organisations have claimed that banks are not opening letters of credit for essential raw materialsincluding pharmaceuticals. `The SBP has already approved more than 7,000 cases to date,` it said.-Staf f Reporter