As the economic crisis worsened as a result of low foreign reserves and a falling Pakistani rupee, Pakistan banned the import of some luxury goods on Thursday as part of its “emergency economic plan.”
Pakistan’s current account deficit has grown out of control, its foreign exchange reserves have depleted, and the Pakistani rupee has plummeted to new lows against the US dollar.
On Twitter, Pakistani Prime Minister Shehbaz Sharif declared a ban on the import of numerous luxury goods, stating that the move will save the country money.
As the economic crisis worsened due to low foreign reserves and a falling Pakistani rupee, Pakistan banned the import of some luxury items on Thursday as part of a “emergency economic strategy.”
Pakistan’s current account deficit has spiralled out of control, its foreign exchange reserves have depleted, and the Pakistani rupee has plummeted to new lows against the US dollar.
On Twitter, Prime Minister Shehbaz Sharif declared a ban on the import of various luxury items, stating that the policy will save Pakistan significant foreign cash.
On Thursday, the dollar broke all previous records, rising past Rs 200 in the interbank market. On the open market, the US dollar was trading at PKR200.50. The interbank dollar rate on Wednesday was PKR198.39, up from PKR195.74 on Tuesday.
