Local News

Pak Suzuki Motor Company (PSMC) on Thursday said it has further extended the shutdown of its automobile production plant from August 22 to 26, citing import restrictions by the State Bank of Pakistan (SBP) that have "adversely impacted clearance of import consignments, which resulted in affecting its inventory levels". In a notice sent to the Pakistan Stock Exchange (PSX), PSMC said that the SBP has introduced a mechanism for prior approval for import under HS code 8703 category (including CKDs) vide circular No.09 of 2022 dated May 20, 2022. “(These) restrictions had adversely impacted clearance of import consignment which resultantly affected the inventory levels,” said PSMC. As a result, PSMC said it is facing a shortage of inventory level, thus the management of the company has decided to further extend the shutdown period of the automobile plant from August 22, 2022, to August 26, 2022.