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Pakistan bans import of luxury items to boost economy

World Materials 19 May 2022 22:17 (UTC +04:00)
Pakistan bans import of luxury items to boost economy

Pakistan’s new government on Thursday said it would ban the import of over 30 luxury items including cars and fruit jams in an austerity move to help boost the country’s faltering economy, Trend reports citing Al Arabiya.

Cash-strapped Pakistan has been hit by a storm of crippling debt, dwindling foreign currency reserves and galloping inflation.

The national currency hit a historic low on Thursday, with 200 rupees fetching $1.

“My decision to ban (the) import of luxury items will save the country precious foreign exchange,” Prime Minister Shehbaz Sharif tweeted.

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