Decision to raise ban is taken within the wake of a great discount in imports.
Regulations on import of automobiles, mobile phones, domestic home equipment will stay in vicinity.
ECC says all held up consignments which arrived after July 1 can be cleared.
The coalition Govt on Thursday lifted the ban on the import of non-vital and luxury products imposed earlier in May additionally, but, the restrictions on the import of absolutely built-up cars, cell phones, and domestic appliances will continue to be in vicinity.
As per Ministry of Finance, the choice changed into taken at some point of the economic Coordination Committee (ECC), held under the chair of Finance Minister Miftah Ismail, within the wake of a tremendous discount in imports.
In the course of the assembly these days, the Ministry of trade submitted a precis on prohibition/entire quantitative restrictions on the import of non-vital and luxury items.
The members were briefed that with the intention to curtail the rising present day account deficit, a ban on the import of about 33 lessons/classes of products turned into imposed with the approval of the cupboard.
“because of the choice, the overall imports of the banned objects have shrunk through over sixty nine% — from $399.Four million to $123.Nine million,” the announcement study, bringing up that the ban has, but, impacted deliver chains and the home retail Industry.
Moreover, it should be mentioned that each one held up consignments (besides objects which still remain in banned category) which arrived on the ports after July 1, 2022 can be cleared concern to fee of 25% surcharge.
The authorities had imposed a ban on the imports of the extra than 3 dozen non-essential and luxury gadgets on may additionally 19 as part of an emergency financial plan to stabilise the depleting foreign exchange reserves and growing import bill.
However, it’s far worth citing that whilst the imports have contracted, the cutting-edge account deficit widened to $2.Three billion in June. Furthermore, the foreign exchange reserves continued to dissipate and fell beneath $9 billion as of July 22, while the Pakistani rupee is at an all-time low of 239.92 towards the usa greenback.
Moreover, regulations remain in place at the import of absolutely constructed-up cars, mobile phones, and domestic appliances — which led to Pakistan’s two leading car assemblers, Toyota and Suzuki, to devise partial plant shutdowns because of the unavailability of uncooked materials amid restrictions