Pakistan imports plummeted by more than a third in July following a restriction on non-essentials, according to the finance minister, who added that the better trade position will relieve pressure on the faltering currency. July imports were $5b, down 35pc from June’s record monthly high of $7.7b, according to Miftah Ismail at a press conference in Islamabad. The central bank and Pakistan’s statistics department have yet to publish figures for July. “This is extremely encouraging,” Ismail added, citing his government’s prohibition on all non-essential imports. “It will take pressure off the rupee,” he added. The rupee rose marginally to 239.37 per dollar on Friday, after losing over 5pc last week and more than a quarter of its value this year. Except for autos, cell phones, and household appliances, the import embargo on non-essential products was removed last week. Ismail stated that his government is determined to dramatically reduce the current account deficit and achieve a surplus within a year or two. The South Asian country’s foreign reserves are rapidly dwindling, and it is straining to finance a growing current account deficit, which increased by $2.3b in June, owing mostly to an increase in oil purchases. The fiscal year ending June 30 deficit was $17.4b, up from $2.8b the previous year. Earlier in July, Pakistan obtained a staff level agreement with the IMF to start payment of a rescue package worth $1.17b.