Black market activities, smuggling cost Pakistan's economy USD 23 billion annually: Report October 07, 2023 at 12:22AM

Illegal activities such as black market currency trade, gold smuggling, and oil smuggling are costing Pakistan's economy USD 23 billion per year, says a UK-based financial service company. These activities distort exchange rates, fuel inflation, erode confidence in the financial system, and lead to a loss of government revenue. Pakistan loses around USD 150 million per month from dollar smuggling and over USD 1 billion annually from oil smuggling.