The federal government has decided to lift the ban on gold exports and imports.
Sources confirmed that a summary for this decision will soon be presented to the Economic Coordination Committee (ECC).
Earlier this year, the government imposed a ban on both the export and import of gold due to concerns over smuggling. The ban was intended to curb illegal gold trading, which had raised alarms among authorities. However, recent months have seen no new complaints regarding gold smuggling, prompting the government to reconsider the restrictive measure.
The suspension of the ban, which had severely impacted the jewelry export industry, is expected to provide much-needed relief.
Jewelers and exporters had been facing severe financial strain due to the halted trade and the continuous delays in reinstating the Suspended Regulatory Order (SRO).
The ban was initially enforced on May 6, following the sudden suspension of SRO 760, which had stopped the import of raw gold and halted export consignments. With the lifting of the ban, the gold trade is expected to return to normal, benefiting both local industries and exporters.
