State Bank of Pakistan has imposed 100% cash margin requirement on import of certain consumer items.
The requirement of 100% cash margin has been imposed on items such as motor vehicles, jewelry, mobile phones, cigarettes, cosmetics, personal care, electrical and home appliances, arms and ammunition etc.
Central bank said that this regulatory measure is aimed at discouraging the import of these items and would have minimal impact on the general public.
For those who can’t understand, to put things in simple words: These items are going to get expensive with this new development, however it is too early to estimate the scale as of yet.
This also means that import of above mentioned items through illegal channels will increase. Not to mention, this will also discourage those vehicle makers who were planning to enter Pakistani markets in next few months.
Story via: ProPakistani