Rich importing Mercedes, Lexus & Ferraris Despite Banned LCs

Pakistan’s half-beating economic pulse urged the incumbent government to hinder the depleting foreign exchange reserves, resulting being banned LCs. Where the move has shattered the country’s industry, including car sector, the opulent class seems to have nothing to do with the prevailing economic fuss and inflicted curbs.

Rich are busy in importing luxury cars – Mercedes, Ferraris, BMWs. Abdullah Saad, owner and CEO of WCCFTech in his tweets, posted the list of these higher-end luxury vehicles imported between May and December 2022. Surprisingly, the restrictions were in place when cars were imported.

Moreover, Saad’s tweets make some amazing revelations narrating that these vehicles have reached the country’s ports. Some have cleared whilst other are in waiting lists.

This long series of tweets also flaunts two Ferraris worth hundreds of thousands of dollars in the end. Concerning the source of this information, Saad informed that the Government of Pakistan posted these lists and is available on http://paktradeinfo.com/.

When the inflation-stricken middle and low class is suffering, elites seem exempted from all the scenario. Analysts have expressed utter distress over the imported of these full-throated supercars, especially when the LCs are banned.

43 Luxury Cars & EVs Imported in Dec 22 – Another Episode

Interestingly, fat-cat is not the only part of game, the government also join the chorus – imported 43 luxury and electric vehicles including 18 heavy bikes.

Currently, the biggest issue the Pakistan auto industry faces is the scarcity of the US dollar. Due to this problem, the State Bank of Pakistan (SBP) is not issuing LCs to car companies to import CKD kits. Resultantly, the auto industry is at a virtual halt as companies face repeated production shutdowns. But on the other hand, the import of luxury cars, electric vehicles (EVs), and even heavy bikes seem to continue.

And a recent tweet by the economist, Ali Khizar, proved this indication right. As per Khizar, “23 Land cruisers and Lexus and 20 EVs – mostly e-trons have been imported in December 2002.” Meanwhile, talking about the bike, he wrote 18 heavy bikes, including BMW Motorrad and Harley-Davidson, were also cleared last month.

“Last but not least, he concluded that over 300 used cars – including Vitz and Vessel were also imported during this period,” he concluded.

Amid this tough patch for the auto industry and for the country overall, clearing such expensive cars for import makes little or no sense. Because on the one hand, the government is telling the local car assemblers there is no dollar for LCs, while on the other hand, the import of such vehicles continues, leading to only one question, how? and the second question, why?

What do you think about the import of these high-end luxury vehicles especially when the country’s economic is in shambles? Tell us in the comment section.

Exit mobile version