Islamabad : Pakistan has banned imports and exports of gold and other precious metals for 60 days.
In an official order dated May 6, the ministry of Commerce suspended SRO 760 (1) 2023 to stop imports and exports of gold and other precious metals for two months.
The order , as per notification of the ministry of Commerce, will remain suspended for 60 days and it will come into force forthwith.
Sources said imports and exports ban for two months have come into play to strengthen Pakistan’s Forex reserves.
India heavily depends on exports of jewellery from Pakistan and the ban is likely to stop outflows of Forex reserves in the situation of tension with India.
Pakistan imports gold in millions of dollars from Dubai as the market of that country is much cheaper than the domestic one.
Dubai is also a lucrative market for illegal trade of gold. Smuggling of gold from Dubai into Pakistan is a chronic issue and its beneficiaries keep enjoying this illegal trade of gold due to inefficient checking systems at the airports.
The ban on gold and other precious metals may give new highs to smuggling of gold and other precious metals.
