Skip to main content

SBP Likely to Set Up Banking Channel with Iran


The State Bank of Pakistan is likely to devise its banking policy for setting up formal banking channels between Iran and Pakistan after the Federal Government lifted sanctions on the neighboring country in tandem with United Nations Security Council (UNSC) Resolution 2231 (2015.)

SBP’s Directives to Banks

The central bank has communicated to banks and financial institutions that previous sanctions on Iran have been removed by the Federal Government which paved the way towards commencement of normal business activities between the two countries within the scope of the resolution adopted in United Nations.
According to an estimate, trade between Pakistan and Iran peaked at $ 1.32 billion in 2008-2009 but subsequently declined and is presently around $ 893 million.
It is expected that the lifting of sanctions and restoration of banking channels between Pakistan and Iran would revive normal trade and business activities between the two neighbors, the central bank stated.
Banks/FIs have been advised to remain mindful about the activities and persons which continue to remain on the UNSC list, as well as the currencies or financial systems which are subject to certain restrictions.
Earlier, Ashraf Wahra, Governor SBP said that the central bank could set up banking channels with Iran within two weeks with the go-ahead of the Ministry of Finance, which is responsible for rolling out the policy pertaining to the neighboring country on the behalf of the Federal government.
Establishing a network of Pakistani banks in Iran and Iranian banks in Pakistan will take some time, mostly one to two years, but things could be done easily and smoothly without major issues except the currency.
The banking channel between Pakistan and Iran can not be run through Dollar but either Euro or Yen, the SBP Governor said. Economists said the relaxation and lifting of sanctions on Iran by different developed countries have positive outcomes for regional trade between Pakistan and Iran.
Labels:

Comments

Post a Comment

Popular posts from this blog

Science and Technology Ministry Doesn’t have the Manpower to Utilize its R&D Fund

Ministry of Science and Technology and its allied departments lack capacity to utilize its funds efficiently, which is negatively affecting Research and Development (R&D) sector and hence the country has to rely on huge imports. The National Assembly Standing Committee on Science and Technology witnessed interesting moments when the committee offered its services for raising the issue of meager budget allocation at high fora. A parliamentarian assured the ministry that allocation may be raised from the current Rs 7 billion to Rs 10 billion for the ministry and its allied department. However Secretary Science and Technology Fazal Abbas Maken declined the offer while saying that they lacked the capacity to absorb the funds due to human resources shortage. The committee met with Chaudhry Tariq Bashir Cheema in the chair, and started discussing the performance of Pakistan National Accreditation Council (PNAC). Pakistan Spends Lowest in the World on R&D The committee ...
Post a Comment
Read more

PlayStation 4 is Bringing Console Gaming Streaming To PC and Mac

Sony PlayStation is the bestselling gaming console of the current generation devices. The PlayStation 4 has maintained its superiority over competitors like Xbox and Nintendo by regularly offering big updates that improve the user’s gaming experience. Today marks another big step towards improving console gaming. Sony has revealed that the upcoming PS4 firmware update will make PS4 playable on PCs and Macs via streaming. Currently, the streaming feature called Remote Play can also stream games on the PS TV and PS Vita. Those familiar with Sony products must be aware that Sony offers a Remote Play feature for its Sony Xperia devices. The feature allows those with Xperia products to stream PlayStation games to their phone or tablet over WiFI and play them via the standard PlayStation controller. The upcoming version 3.50 software update for PS4 will add the ability to “Remote Play” PS4 games on a home computer, effectively turning a laptop or desktop with mediocre specs to a remo...
Post a Comment
Read more

How to Earn Online Money Top 3 Platforms

How to Earn Money Online Earning Online Money is Now a days too easy. Now you can start earning money from home Part time or full time . In this article i will tell you how to earn online money from home , minimum of 300$ by giving just 1 hour a day. How to Earn Money Online Earn from Fiverr Fiverr is a platform where you can earn online money . through fiver you can earn online money by working different type of work what you can do. Like if you are a blogger and you can do blogging work you can work by creating a small GIG of $5. In fiver you can do Online SEO Work , Photoshop Work, Content Writing , Hold Your Sign, Photo Editing , Online Marketing and many more. Click on the link to start working with Fiverr From Home . Earn from Amazon Amazon if an ecommerce platform where every one can buy online products . Through amazon you can create your affiliate marketing account and by simple advertising of amazon products on Social Media or any where you can e...
Post a Comment
Read more