In a significant move to boost the jewelry and precious metals industries, Pakistan has lifted the prohibition on the import and export of gold. At a meeting on Friday, the Cabinet’s Economic Coordination Committee (ECC), which is led by Finance Minister Muhammad Aurangzeb, made the decision.
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The Ministry of Finance claims that in order to promote lawful imports and exports, the ECC reinstated the suspended rules governing the gold trade. Through official trade channels, the action seeks to increase jewelry exports, draw in foreign investment, and enhance foreign exchange inflows.
The ECC also gave its approval to the continuation of the current framework for the trade in gold and jewelry, emphasizing automation, transparency, and more robust inspection systems to guarantee improved oversight. The decision was hailed by economic experts as a much-needed step to support local exporters and traders and deter smuggling.
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The ECC approved a number of other financial decisions during the same meeting, including funding for the Frontier Works Organization, the Election Commission, and the Maritime Science and Technology Park. In order to shield consumers from growing food costs, the committee also examined inflation trends and instructed officials to create a price stability plan for Ramadan.
