Home News Economic Emergency As Pakistan Banned The Import Of Luxury Items

Economic Emergency As Pakistan Banned The Import Of Luxury Items

by Ayesha Saeed
rupee against dollar

 

After the Pakistani rupee has fallen to 201 against the dollar, Govt of Pakistan has decided to ban on import of luxury goods. According to them, it may be beneficial to stabilize the fluctuated fallen economy.

Pakistan’s new rule on Thursday said it would ban the importation of luxury items, and the number of goods is more than three dozen, including chocolates, jams, cars, mobile phones, and cereals, in a move to boost the faltering economy.

#dollar

#dollar

Cash strapped Pakistan has been hit by a storm of crippling debt, dwindling foreign currency reserves and galloping inflation. Pakistan’s current trade shortfall stands at $39.2 billion.

The step was taken after the historic low of currency on Thursday, with 200 rupees fetching $1.

PM Shahbaz Sharif said that,

“ My decision to ban the import of luxury items will save the country precious foreign exchange. He Tweeted.

#Prime Minister of Pakistan, Mian Shahbaz Sharif

“We will be able to save $6 billion by imposing a ban on import of the luxury items, adding that the ban would be effective immediately. “The decision will give a boost to the local economy and industry.

Infor Minister Marriyum Aurangzeb said at a press conference.

However, the opinion of business leaders is different and they demanded country must seek advices from the World Trade Organization which is responsible for regulating international trade.

However, some said that “it would help save much needed foreign exchange to pay off our international trade debts,”

Khalid Tawab, the former seniour vice president of the Pakistan Chamber of Commerce.

Another major break out would be in shape oil and electricity rising prices, and finance minister Miftah Ismail said that he wants the two sides to “find a middle ground”

 

List Of Banned Imported Items:

  • Automobiles
  • Mobile phones
  • Home appliances
  • Fruits and dry fruits (except Afghanistan)
  • Crockery
  • Private weapons and ammunition
  • Shoes
  • Chandeliers and lighting (except energy savers)
  • Headphones and loudspeakers
  • Sauces
  • Doors and window frames
  • Travelling bags and suitcases
  • Sanitary ware
  • Fish and frozen fish
  • Carpets (except Afghanistan)
  • Preserved fruits
  • Tissue paper
  • Furniture
  • Shampoos
  • Confectionary
  • Luxury mattresses and sleeping bags
  • Jams and jelly
  • Cornflakes
  • Toiletries
  • Heaters, blowers
  • Sunglasses
  • Juices
  • Musical instruments
  • Kitchen ware
  • Aerated water
  • Frozen meat
  • Ice cream
  • Pasta
  • Chocolates
  • Cigarettes
  • Shaving goods
  • Luxury leather apparel
  • Salon items like hair dryers etc

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