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Pakistan to ban import of luxury items to boost economy

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Pakistan’s new government on Thursday said it would ban the import of over 30 luxury items including cars and fruit jams in an austerity move to help boost the country’s faltering economy. Cash-strapped Pakistan has been hit by a storm of crippling debt, dwindling foreign currency reserves and galloping inflation. The national currency hit a historic low on Thursday, with 200 rupees fetching $1. “My decision to ban (the) import of luxury items will save the country precious foreign exchange,” Prime Minister Shehbaz Sharif tweeted. The move was an effort to target the country’s elite, with the …

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