Media reports: Pakistan to lift all restrictions on imports
The restriction was imposed by the nation in December last year to control its current account deficit, one of the biggest worries of the International Monetary Fund (IMF) since it began talks to clear Pakistan’s ninth review early this year.
Pakistan’s Finance Minister Ishaq Dar announced in a parliamentary session on Saturday, 24 June 2023, that the government had annulled all restrictions involving imports. The State Bank of Pakistan (SBP) stated that the previous priority-based selective imports have been pulled back, reopening imports with immediate effect.
The restriction was imposed by the nation in December last year to control its current account deficit, one of the biggest worries of the International Monetary Fund (IMF) since it began talks to clear Pakistan’s ninth review early this year.
However, market analysts believe that this move on its own will not improve business activities unless foreign exchange reserves are considerably reinforced. Ismail Iqbal Securities Head of Research, Fahad Rauf expects potential turbulence in the exchange rate if the government fully resumes imports with foreign exchange rates at concerningly low levels. The potential exchange rate is expected to rise to Rs300-350/$ compared to the current rate of Rs286-287/$.