Ban imposed on import of luxury items to control dollar flight

ISLAMABAD: Amid a continuous decline of the rupee against the US dollar, Prime Minister Shahbaz Sharif Wednesday imposed a ban on the import of luxury items including cars and cosmetics, Geo News reported Wednesday, citing sources.

According to the report, the ban has been imposed on non-essential items that are not used by the common man in order to control the dollar flight.

The sources said that the prime minister has banned the import of luxury vehicles and other non-essential items including cosmetics, for which instructions have also been issued.

They said the decision was taken by the premier due to the widening trade deficit and after holding a consultative meeting with the coalition partners where it was decided that the government will take difficult decisions to stabilise the economy.

The US dollar has witnessed a record surge during the past few weeks and was being traded today at over Rs200 in the open market, signalling a lack of confidence among the traders in the financial markets.

Meanwhile, the government has started talks with the IMF today to revive the $6 billion loan programme.