No; If well managed, the above list will be in positive control. Negative list will include motor vehicles, especially private vehicles, consumer electronics, luxury items like jewelry, fancy clothes, accessories, fancy foods and beverages, foreign exchange for leisure travel. Not sure about foreign exchange for study abroad, may be a limited amount. etc.,
Exchange controls have been around developing economies for a long time. It is neither new nor unusual.
Yeah rationing and selective import may help. I know that we import 2 billion$ worth of tea, 3-4 billion $ worth of Palm oil. If you remember, we have sometimes shortages of tomatoes that alone changes the public mood.
But yes, it can be controlled but what about Industry. Our industry need raw material like chemical.. (5-6 billion $) for dyes, paint, fertilizers, med, toffees, shampoos, rubber, leathers, etc you name it. We can sustain a little but not a longer term deficit.
I haven't added the crude oil yet. So, economy will slow down, unemployability will rise, even our food price and production/yield will suffer.
Anyway, you are right. Perhaps people can control. Germany rose from hyper inflation but they worked really hard.
