Pakistan’s imports plunged in July, according to the finance minister, helping the rupee to stabilize

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Last Updated on July 31, 2022 by Bitfinsider

The finance minister stated on Sunday that imports into Pakistan decreased by more than a third in July as a result of a restriction on non-essentials, and that the better trade situation will ease pressure on the weak currency.

According to Miftah Ismail at a news conference in Islamabad, imports decreased to $5 billion in July from a record high of $7.7 billion in June. This is a 35% decrease.

The Pakistan Statistics Bureau and the central bank have not yet published their July data.

Following a roughly 5% loss the previous week and a loss of more than a quarter of its value this year, the rupee modestly appreciated against the dollar on Friday, trading at 239.37.

Last Monday, the import restriction on non-essential products was relaxed, with the exception of cars, phones, and household appliances.

Ismail stated that his government has made a decision to considerably reduce the current account deficit and to report a surplus in a year or two.

The South Asian country’s foreign reserves are rapidly running out, and it is unable to pay for its growing current account deficit, which increased by $2.3 billion in June, primarily as a result of an increase in oil imports.

The deficit for the fiscal year that ended on June 30 was $17.4 billion as opposed to $2.8 billion the year before.

Pakistan and the IMF achieved a staff-level agreement earlier in July for the payment of $1.17 billion as part of the bailout package’s resumed payments.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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