Pakistan bans all imported cars Pakistani Prime Minister Shehbaz Sharif has said the ban is part of a plan to revive the economy.
He added that the rule applies to all non-essential items, including cars, mobile phones, home appliances and weapons. Shehbaz Sharif said on Twitter that the decision was taken to protect Pakistan’s valuable foreign currency.
Pakistan is facing an economic challenge. Foreign exchange reserves have fallen sharply in recent weeks on account of import payments and debt. Foreign exchange reserves held by the Central Bank of Pakistan have been at an all-time low since June 2020.
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Pakistan does not have a rich automobile industry. Pakistan relies heavily on imported vehicles. Sales also increased in Pakistan, a major market for imported vehicles. According to the Pakistan Bureau of Statistics, sales of imported vehicles grew by 50 per cent between July and March. The ban comes at a time when imported vehicles in Pakistan grew by 158 per cent in the first quarter of fiscal 2021.
Story Highlights: Pakistan puts ban on all imported cars
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