Pakistan bans import of non-essential luxury items

Pakistan has banned the import of all non-essential luxury goods in a bid to stabilise the economy, Information Minister Marriyum Aurangzeb said on Thursday, describing the situation as an economic emergency.

Pakistan’s current account deficit has spiralled out of control and its foreign exchange reserves have tumbled while the Pakistani rupee has plummeted to historic lows against the US dollar.

It was not immediately clear how long the ban will be in place, but Aurangzeb said that along with other fiscal measures it would help save critical foreign exchange reserves for the next two months. She said the steps would save $6 billion annually.

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