ISLAMABAD (Eshfak Mughal): The country’s import bill was contracted by $600 million to $5 billion during the first month of the current fiscal year as compared to the same period of the last fiscal year.

The Finance Minister Miftah Ismail told media on Sunday that the government has successfully squeezed the size of import bill due to different policy measures. He said that the government has managed the import bill at $5 billion during July of the fiscal year.

The import bill of July 2022 is $600 million higher from same period of the last fiscal year and 35 percent increased from last month (June) of the last fiscal year, sources said.

In June 2022, the country’s import bill was registered at $7.7 billion mainly due to higher imports of petroleum products, they further mentioned.

Contractions in the import bill of the country will ease the pressure on local currency against US dollar and forrex reserves, which has been depleting and reached below to $9 billion, experts believe.
The local currency was depreciated by almost Rs30/USD from Rs.210 to Rs.240 during July 2022. The sky-rocking speed of depreciating of local currency against USD was witnessed mainly due to hi import bill payments of June 2022 and political uncertainty.

Miftah Ismail believes that the local currency is under value due to different factors. He said that that as a Finance Minister, I believe, high import bill, speculations and other factors are also contributing for increasing pressure on PKR.

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