Pakistan bans import of luxury goods as rupee hits new lows

| Updated: May 22, 2022 19:16:15

File photo used for representation purpose (Collected) File photo used for representation purpose (Collected)

Pakistan has imposed a complete ban on the import of more than three dozen non-essential luxury items as part of an emergency economic plan to stabilise the economy.

On Thursday, Minister for Information and Broadcasting Maryam Aurangzeb said, "There is an emergency situation and Pakistanis will have to make sacrifices under the economic plan. This will have a quick impact on the country's foreign reserves."

Pakistan will have to reduce its dependency on imports to put the country on the path of economic stability and progress, she said, adding that the government has been working to introduce an export-oriented policy, which will benefit local industry and producers, and generate employment, reports Xinhua.

The development came after the Pakistani rupee continued to sink over the past few weeks, hitting a historic low value of 200 against the US dollar in the inter-bank market on Thursday, depreciating 0.81 per cent as compared to the previous day.

The decline of the Pakistani rupee is attributed to the rising import bill, growing current account deficit and depleting foreign exchange reserves, according to economic experts.

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