Karachi: The State Bank of Pakistan has Imposed 100 percent Cash margin on various consumer items to control alarmingly increasing trade deficit.
Cash margin requirements include knocked and completely built vehicles, mobile phones, jewellery, cosmetics, Personal care, arms and ammunition etc. The regulatory measures will put increasing trade deficit in control and will have a nominal impact on public, said The State Bank.
According to Numbers issued the import of vehicles grew 40% as compared to 2015-16 amounting to 1.018 bn in just first seven months of current fiscal year. The mobile phone industry has also reached the numbers of half billion dollar.
The experts have encouraged the decision but have also demanded SBP to control the import of food products as the food numbers have also shown a rapid growth of 400 million dollars making it a 3 billion dollar imports as compared to last year’s this tenure.