Sindh Approves New System for Import Letters of Credit via Sindh Bank

Karachi: The Sindh government has approved a new system for handling import-related Letters of Credit (LCs), aimed at improving transparency and financial oversight in the province.

The decision was taken by Chief Minister Murad Ali Shah during a provincial cabinet meeting, where it was agreed that the issuance and processing of LCs will now be routed through Sindh Bank.

Officials informed the cabinet that the previous practice of distributing government funds among private banks has been discontinued. Under the new arrangement, financial monitoring will be strengthened through a centralized system operated by Sindh Bank.

The Chief Minister said that the move is intended to promote transparency and enhance financial governance, while also strengthening Sindh Bank’s trade finance operations.

The cabinet was further briefed that the new system is expected to reduce unnecessary fees charged by private banks and improve efficiency in exchange rate-related transactions.

Murad Ali Shah directed all departments to process import LCs exclusively through Sindh Bank and emphasized strict adherence to transparency and financial discipline.