The federal government of Pakistan has decided to lift the ban on the import and export of gold, it emerged on Monday.
According to local media citing sources in the Ministry of Commerce, a summary will soon be submitted to the Economic Coordination Committee (ECC) to formally remove the restrictions on gold trade.
The ministry stated that the ban on gold imports and exports was imposed in May this year due to concerns over gold smuggling.
However, officials now say that no complaints of gold smuggling have been received in recent months.
This decision comes at a time when gold prices have been steadily rising in both domestic and international markets, driven by global economic uncertainty, inflation concerns, and increased demand as a safe-haven asset.
The lifting of the ban could potentially open up trade opportunities, but may also influence local market dynamics depending on how it’s implemented.
