The Ministry of Commerce has instructed the SBP (State Bank of Pakistan) to issue mandatory instructions to banks to open LC (letters of credit) for tea on urgent basis, declaring the import of tea as a ‘primary import’.
As per the letter issued by the Ministry of Commerce, the Pakistan Tea Association told that during the month of Ramzan, the domestic demand for tea would grow significantly all over the country.
Tea farmers are all ready to earn more from export of tea to country which is Kenya’s major export product.
Afterwards, due to this Pakistan government classified tea as an essential import product.
This would also raise Kenya’s export earnings from the tea industry after the Pakistan Central Bank gave permission for the use of US dollars as the transaction currency in the tea business.
Kenya exports around 50% of its tea to Pakistan made it the biggest market for the Kenyan major export commodity.
