The import of mobile phones declined by 14.6 percent in Pakistan during the month of February, arguably as a result of the 100 percent cash margin imposed by the State Bank of Pakistan.
Mobile phones worth $60.02 million were imported during February, while in January, the mobile phone imports had been valued at $70.17 million, according to data released by Pakistan Bureau of Statistics (PBS).
SBP had imposed 100 percent cash margin on the import of about 400 consumer goods, including mobile phones, motor vehicles, electrical and home appliances, cigarettes, and jewellery in the second half of February. This was in response to Pakistan’s alarmingly high trade deficit in recent months that is eating up the country’s foreign exchange reserves. This regulatory measure, SBP had stated, would help accommodate the incremental growth of capital goods to strengthen industry.
In the July-February period of the current fiscal year, the total value of mobile phone imports wasn $459.37 million; the figure had stood at $497.2 million in the corresponding period of the previous fiscal year. This represents a decline of 7.61 percent in mobile phone imports in the country.
However, the imports of many other consumer items have continued to surge in the 2016-17 fiscal year. For example, the imports of petroleum products went up 23.28 percent to $4.193 billion in the eight-month period. Within the petroleum group, the import bill of natural gas liquefied surged a massive 144 percent. Similarly, the import bill of machinery surged 42.36 percent to $7.811 billion, mainly due to power generating machinery.
via PK Revenue / Dawn
Picture credit: Fedex Mobile Solutions
People (specially overseas Pakistanis) and governments aren’t willing to understand that money laundering done through HUNDI is damaging Pakistan’s economy and will soon bring it to knees.
Majority of Pakistanis prefer sending remittances through hundi for a few extra cents, you will see them giving lectures on social media on corruption but they are biggest shoulder to those who want to transfer their black money out of Pakistan.
This is most common in Kohat, Karak, Bannu, Peshawar (Qissa Khawani Bazar), and Karachi. Both Pakistani and Afghans are involved as agents. You can transfer any amount through these people without physical transfer of money and your easy earned black money reaches overseas in minutes.