Smuggling Drains Pakistan's Economy by $23 Billion Annually
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Black market and smuggling activities cost Pakistan's economy $23 billion annually, draining foreign currency reserves.
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Key smuggling activities include black market currency trade, oil smuggling from Iran, and gold smuggling.
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Smuggling destabilizes exchange rates, fuels inflation, erodes confidence in financial systems, and reduces government revenue.
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Tighter border controls and advanced surveillance needed to curb smuggling of physical goods like dollars, oil, and gold.
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Import bans intended to support local industry have fueled shadow economy and smuggling workarounds.
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