60-day ban on gold exports
Pakistan has enacted a 60-day ban on importing and exporting precious metals, jewellery, and gemstones to stabilise its foreign exchange reserves. The temporary ban was imposed by a Commerce Ministry Order suspending SRO760 of 2013, which governs the trade of precious metals. The restriction is linked to the recent impasse with India as a potential strategy to limit the flow of metals. Gold is still used as a traditional store of value and is an important part of Pakistan’s cultural, financial, and manufacturing sectors. Pakistan predominantly imports gold from the UAE, Switzerland and other gold-trading hubs. An official source told Dawn that the decision was made to limit the flow of gold and other precious metals to India via Dubai. “There is a big difference in the price of gold, which is a primary reason that encourages its exports to India,” a government official stated.