ISLAMABAD: In order to control the continuous depreciation of the rupee, the federal government on Wednesday decided to impose a complete ban on the import of non-essential and luxury items, ARY News reported citing sources.
Well-informed sources told ARY News that Prime Minister Shehbaz Sharif has imposed a ban on the import of non-essential items that are not used by the common man.
The decision was taken during a high-level meeting held under the chairmanship of Prime Minister Shehbaz Sharif.
The prime minister reportedly banned the import of luxury vehicles and other non-essential items, including cosmetics, they said, adding that the government also issued instructions in this regard.
The US dollar continued its rising streak against the rupee on Wednesday as the greenback reached an all-time high of Rs200 in the open market.
According to the Forex Association of Pakistan (FAP), the greenback gained Rs1.68 in the interbank market from the previous day’s close of Rs196.50 and climbed to Rs197.66.
When the PM Shehbaz Sharif-led coalition government took over on April 11, the dollar was valued at Rs182.3. Since then, the rupee has lost Rs11.4 or 6.2 per cent of its value.
IMF talks
The International Monetary Fund (IMF) will begin talks with Pakistani officials on Wednesday over the release of funds. The Pakistani delegation has reached Doha to negotiate with IMF to review the economic relief program for the country.
Negotiations between Pakistan and the IMF for the 7th review of the economic relief program for the country are scheduled to start on May 18. The shape of the upcoming budget will also be discussed in the negotiations.
