The Federal Government has decided to impose a ban on import of luxury and non-essential items that are not used by the common man in order to stabilize the economy and recover the widening trade deficit. Pakistan has entered an economic crisis with the Pakistani Rupee (PKR) falling constantly against the US Dollar (USD to PKR).
According to reports, Prime Minister Shehbaz Sharif has directed to impose a ban on import of luxury and non-essential goods in the country in order to control the depreciating Pakistani Rupee (PKR). The ban has been imposed on the import of luxury vehicles and non-essential items like cosmetics.
The decision has been taken by Prime Minister Shehbaz Sharif after holding a consultative meeting with the coalition partners. The Federal Government is expected to take tough decisions in order to stabilize the economy after the US Dollar has crossed Rs. 200 mark in the open market, while ending the day at Rs. 198.39 in the inter-bank market.
Read more: Dollar Rate in Pakistan – 18 May 2022.
Furthermore, it is expected that prices of certain items will be increased as the Federal Government plans to imposed increased duties / taxes on these items, including vehicles, home appliances, and mobile phones (in case of imported devices only).
Meanwhile, the economic crisis has started affecting the automotive sector with Toyota Pakistan aka Indus Motor Company (IMC) suspending bookings for all their vehicles again until further notice due to uncertain and volatile market conditions at the moment.
Read more: Toyota Pakistan Suspends Bookings Once Again.
