De-dollarization in Gwadar has commenced in the Gwadar Free Zones. This significant change follows the federal budget 2024-25 decision. Companies in the Gwadar Free Zones can now conduct trade transactions in Pakistani currency instead of US dollars.
The amended SRO.805 (I)/2024 Customs Rules 2001 removes the requirement for dollar transactions between the Gwadar Free Zone and Pakistan’s tariff area. Now, both regions will use Pakistani currency for business. This move protects trades from dollar fluctuations.
An official from Gwadar North Free Zone company, Agven Private Limited, highlighted the changes. The e-custom clearance system “Web Based One Custom” (WeBOC) is being updated to support this transition. A high-level meeting between Gwadar Port Authority, Pakistan Custom, FBR, and other stakeholders will soon take place. This meeting aims to create a cohesive mechanism for implementing these changes.
“This is a breath of fresh air for millions of Pakistani traders in tariff areas,” the official said. The new development will encourage them to expand trade with companies in the Gwadar Free Zone. As a result, both tariff area traders and those in Gwadar Free Zones will benefit greatly.
A China Overseas Port Holding Company (COPHC) official stated that this development is seen as a watershed moment. Investors and operators in the Free Zone have welcomed this progress.
De-dollarization in Gwadar is set to transform trade dynamics, fostering robust economic growth. This shift to Pakistani currency for transactions marks a new era for Gwadar’s economic landscape. The new policy brings stability and growth opportunities for traders across Pakistan.
