ISLAMABAD: A 30 days ban on the gold’s import is expected to be imposed by the government in order to ease pressure on national currency and reduce the gap between open and interbank rates, it is learnt.
Federal Finance Minister Ishaq Dar while chairing a meeting held with the representatives of Exchange Companies in presence of team officials from Ministry of Commerce and State Bank was told that import permits against 5000 kg of gold were issued.
Around 4000 kg of gold has been imported while 1000 kg of this commodity consumed for jewellery exports by commerce ministry officials. SBP led by Deputy Governor Ashraf Wathra asked about why exports proceeds were not reflected fully in the official record and only the differential in cost of import of gold and export of jewellery was reflected.
Dar expressing his annoyance asked both commerce ministry and SBP to finalise a proper system and in the meanwhile curb the official import of gold as the exchange companies blamed gold imports as the single most important reason for rising of dollar demand.
Exchange companies assured the Minister all help in discouraging speculation on Pakistani rupee against the US dollar.
