De-dollarisation begins in Gwadar Free Zones
ISLAMABAD - In a defining moment, de-dollarisation has kicked off in Gwadar Free Zones in the backdrop of the final decision enshrined in the federal budget 2024-25 which allows all companies in the Gwadar Free Zones to exercise their trade transactions in Pakistani currency instead of the US dollars.
Under the amended SRO.805 (I)/ 2024 Customs Rules 2001, conditions of dollar transactions between the Gwadar Free Zone and the tariff area (Pakistan’s markets and industries that work out of the jurisdiction of Gwadar Free Zone) have been stricken down. Now Gwadar Free Zone and the tariff area will do business in Pakistani currency. This impetus will protect trades of both sides from the fluctuations of the dollar.