Gold import doubles amid dollar crunch

In the wake of the dollar crunch in Pakistan, 18.3 million dollars have been spent on import of gold during the first seven months of the current financial years, reported 24NewsHD TV channel on Tuesday.

According to a report, there was 107 percent increase in the import of gold during the first seven months of the financial year 2022-23 as compared to the same period in the last financial year. 

During the first seven months of the financial year 2021-22, gold worth Rs 2 billion was imported into the country. However, during the same number of months in the ongoing financial year Rs 4.15 billion was spent import of the gold. 

During the current fiscal year, 18.3 million dollars were spent on import of gold in first seven months.

According to the report, the increase in import bill is the result of a hike in gold prices in international market. 

 Due to dollar crunch, investment in gold has increased. 

During the first seven months of the ongoing fiscal year 191 Kg gold was imported. Gold imports witnessed an increase of 127 percent in January 2023 as compared to January last year. 

In December 2022, 3.26 million dollars were spent on import of gold whereas whereas in January 2023, 4 million dollars were on import of gold. 

 In January 2022, 1.73 million dollars and in January 2023 were spent on gold import. 

It merits mentioning here that gold imports surged in the wake of shortage of dollars in the country.

Up to February 10, the State Bank had foreign currency reserves of 3.20 billion dollars enough for only 20 days imports. 

Reporter Ashraf Khan