The auto industry in Pakistan has been devastated by import restrictions, which were put in place to stop the flow of foreign exchange reserves. It appears that these limitations do not apply to Pakistan’s elite class.
Abdullah Saad, the owner and CEO of WCCFTech, recently tweeted a few photographs that display a list of expensive cars imported between May, when the limits went into place, through December 2022.
The fact that these cars have already arrived in Pakistan is highlighted in Saad’s tweets. While some are still awaiting clearance, others have already received it.
The information:
A publication named Car Base questioned Saad where did he get this information from. Saad responded that the Pakistani government itself had publicised it. Note that although you must sign in to access the entire listings, this information is freely accessible on http://paktradeinfo.com/.
It is unfortunate to see Pakistan’s foreign cash being thrown away on unnecessary pleasures given the country’s ailing economy.
Why it matters:
Traders and industrialists have been requesting the State Bank of Pakistan (SBP) to ease import restriction. They said that the government’s import restrictions had given industrialists and importers no choice but to scale back their operations.
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