ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday imposed a 30-day ban on the import of gold in order to check smuggling and speculation in currency.

The import of gold under SRO 760 and its commercial imports under Import Policy Order 2013 would remain banned.

The ECC met here with Federal Finance Minister Mohammad Ishaq Dar in the chair at the Prime Minister's Office here.

The finance minister said according to credible reports, there had been surge in the smuggling of gold in the wake of steep increase in duty on its import in a neighboring country.

The 30-day import ban, he said, would help curb smugglers activities without effecting the legitimate demand supply position of gold in the country.

The exports, however, would continue without any restriction, the ECC decided.

The ECC was told that the issue of gold smuggling and consequent pressure on open forex market were agitated by the foreign exchange companies in recent meetings with the Finance Minister both in Karachi and a follow-up meeting at Islamabad.

The meeting was attended by Federal Minister for National Food Security and Research Sikandar Bosan, Federal Minister for Industries and Production Ghulam Murtaza Jatoi, Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi, Federal Minister for Commerce Khurram Dastagir, Minister of State for Information Technology Ms. Anusha Rehman, Chairman Privatization Commission Zubair Umar, Chairman Board of Investment Muftah Ismail and senior government officials.

(APP)