Luxury items ban insignificant, says Hammad

By News desk

KARACHI: Reacting to measures taken by the government to save fast depleting foreign reserves, former finance miniser Hammad Azhar has termed the ban on luxury items ‘inconsequential’ given the low quantum of non-oil current account deficit which hovers around $1 billion.

In a tweet, he asked for the percentage of the total import bill these banned items constitute.

“These measures will affect millions of traders and shopkeepers and have negative impact on bilateral trade,” Azhar said, adding that the government steps will also give rise to smuggling and ‘hundi’.