KARACHI: State Bank of Pakistan called a special meeting of all banks/ FIs on Monday to discuss the progress made by the banking side for facilitating trade transactions with Iran in the backdrop of lifting of sanctions against Iran.
The meeting, chaired by the Executive Director-BPRG, was attended by senior bankers from the banking industry, said SBP statement.
In line with the Federal Government's decision regarding lifting of sanctions against Iran, State Bank advised all banks on February 25, 2016 that they could start normal business activities with Iran as per United Nations' resolution and notification of the Federal Government on removal of sanctions against Iran.
The participants discussed the issues relating to international sanctions and deliberated on future course of action.
SBP provided general guidance on trade with Iran in the post sanctions scenario while keeping in view the residual sanctions and clarified points raised by banks.
The banks were emphasized to take immediate measures for updating their policies, procedures, systems and controls, restoration of communication channels and agreements with their counterparts in Iran for early recovery of normal trade and business activities.
Given the geographical proximity and economic affinity between Pakistan and Iran, it is expected that restoration of banking channels would result in the revival of normal trade and business activities between the two neighbors.
Comments
Comments are closed.