ISLAMABAD: The Pakistani government has lifted the ban on the import and export of gold by restoring the rules governing trade of precious metals trade and making fresh amendments, the Pakistani commerce ministry said this week.
The ban on gold imports and exports, which was imposed in May this year after reports of precious metals' smuggling, has been eased after no fresh complaints had been received in recent months, according to local media reports.
"The import of precious metals and gemstones and export of jewelry made up of precious metals, gemstones, or a combination thereof shall be allowed," the commerce ministry said in a notification, detailing certain regulations.
"All the transactions under the Entrustment Scheme shall be processed exclusively through the same bank i.e. export of jewelry from the same bank that processed or handled the corresponding import of precious metals."
Gold and currency smuggling has long posed a serious challenge to Pakistan’s economy, draining foreign exchange reserves, distorting market prices, and fueling the undocumented sector.
To curb these activities, Pakistani authorities have intensified crackdowns through coordinated actions involving customs, intelligence and law enforcement agencies in recent years. The measures include stricter monitoring at border points, enhanced data-sharing, tighter regulation of currency exchanges, and special operations targeting cartels. The government has also moved to digitize financial transactions.
While enforcement efforts have produced some gains, experts say that sustained reforms and stronger inter-agency coordination are essential to dismantle entrenched smuggling networks and protect economic stability.
