Two leading Pakistani car assemblers, Toyota and Suzuki, are planning a partial plant shutdown next month due to lack of raw materials amid import restrictions and exchange rate volatility, Reuters reported, citing company officials.

In recent weeks, the government has been trying to curb imports amid a rapidly depleting gold reserves, a depreciating currency and widening current account deficit, which has caused the rupee to lose more than 20% of its value this year.

The move has had a cascading effect on industries that depend on imports of finished goods, as they say the central bank delayed clearing letters of credit from dollar-strapped banks, impacting their ability to import materials.

The company is offering refunds to customers who experience delays and markups on payments, with shipments likely to be delayed by at least three months and prices revised as there are no free dollars in the country.

Reserves at the central bank fell to $9.3 billion, enough to cover less than two months of imports. The current account deficit for the last fiscal year reached 5% of GDP, and imports hit a record high.

Pak Suzuki, which assembles Suzuki cars locally, echoed the sentiment, citing a new central bank import pre-approval mechanism.