Miftah Ismail Defends Ban On Luxury Items Import.

Finance Minister Miftah Ismail has said that government will not remove ban on the import of luxury items for the betterment of economy.

Addressing the Karachi Chamber of Commerce and Industry (KCCI) on Saturday, the finance minister said that the government imposed ban on luxury items for the improvement of economy. He refused to lift ban on the import of mobile phones, home appliances and vehicles.

Yesterday, while addressing a ceremony at the Pakistan Stock Exchange (PSX), Miftah said that the government would control imports for the next three months, even if it came at the cost of slower growth.

'I will not allow imports to increase for three months and, in the meantime, we will come up with a policy. I understand that growth will be reduced for a bit but I have no other choice,' he said.

The finance minister said that some banks cooperated and some banks suffered losses. He warned the small banks of consequences if they did not comply with the government order.

He said that government tried hard to bring the...