The federal government of Pakistan, in collaboration with the Special Investment Facilitation Council (SIFC), has developed a new strategy to curb grey market activities. The State Bank of Pakistan and the Federal Board of Revenue have been instructed to launch a campaign against informal channels.
Grey market operations are reportedly impacting various sectors including industry, trade, finance, and health through unauthorized imports. This affects local manufacturers' market share and profitability.
To increase investment, the FBR is expected to digitize its revenue machinery and reorganize its structure. According to SIFC, these measures could potentially increase the GDP growth rate from the current 9% to 18% by 2029.
Currently, the grey market is selling one US dollar for 284 Pakistani rupees, while the interbank rate is below 280 rupees. The government has directed the Treasury Secretary to restore cash-over-counter facilities at National Bank branches and border booths.
Authorities emphasize that controlling the grey market is crucial for economic recovery. The SIFC's efforts are aimed at establishing a secure and stable Pakistani economy.
