The government of Pakistan has decided to lift a four-month long ban on the import of gold. Smugglers were abusing import laws enacted to help the Pakistani jewelry industry, by importing gold and running it across the border into India, where it was sold at a tremendous profit.
Today's measure was not a return to the status quo, as reported by Express Tribune in Islamabad. Future gold imports will have to abide by new restrictions put in place to protect the rupee from devaluation:
- Gold imported under the savings plan for jewelry re-use is restricted to a maximum of 10 kg per month.
- Failing to meet export requirements of the gold will result in losing the ability to import gold.
- Single transactions are limited to 10 kg.