KARACHI: The State Bank shifted the entire load of oil import payment of around $10 billion to the private sector much earlier than the given deadline on pressure from the International Monetary Fund (IMF).
The central bank said on Saturday said that with effect from Dec 14, all purchases of foreign exchange related to import of crude oil will be made by banks from the inter-bank market.
The first agreement with the IMF in November 2008 emphasised that the SBP would get rid of making payment of oil import bills by February 2010.
