Wholesale traders of pulses in the metropolitan city have raised alarm, saying that they have barely 15 days of supplies left in their warehouses.Rauf Ibrahim, President of Wholesale Market, has warned that an acute shortage of pulses would hit the market if their imports are not cleared at the port.
The imported pulses are stuck at the port due to non-issuance of letters of credit (LCs) by the banks.Ibrahim further said that the LCs were not being issued even though the US dollar has sharply appreciated after its free-float in the market.
“Pulses are in short supply because thousands of shipping containers carrying imported pulses are stuck at the port,” he added.Ibrahim said that the demand of pulses would increase manifolds with the arrival of holy month of Ramazan, which is around the corner. This would create an acute shortage in the market, he added.
The State Bank of Pakistan has reportedly allowed banks to issue LCs, while the government has announced one-time waiver of port charges to protect importers from further losses. But Ibrahim said that waiver of port charges has not been implemented.”The prices of pulses have increased by 25% due to the demurrage and the sharp increase in the dollar value,” he said while adding that the prices of pulses on the international market have significantly decreased.
