The authorities have revised key foreign exchange regulations to facilitate smoother imports of crude oil, petroleum products, and liquefied natural gas (LNG), amid ongoing geopolitical uncertainties affecting global energy supply chains.

According to updated instructions issued under the Foreign Exchange Manual (FEM), amendments have been made to Para 6B (viii) of Chapter 13 and Para 10 of Chapter 19, which govern the issuance of Financial Instruments (FI) and Standby Letters of Credit (SBLC) for import transactions.

Under the revised framework, Authorized Dealers have been granted expanded powers, including:

• Issuing Financial Instruments for crude oil and petroleum product imports at the time of import contract registration
• Issuing Standby Letters of Credit (SBLCs) for imports of crude oil, petroleum products, and LNG

The move is aimed at improving import facilitation for essential energy commodities and ensuring timely arrangements in a volatile global environment.

Banks and Authorized Dealers have been directed to immediately inform all clients and ensure strict compliance with the updated procedures.