Pakistan Peoples Party (PPP) Senator Saleem Mandviwalla on Tuesday called for implementation of Currency Swap Agreements (CSA) with China and Turkey to increase the bilateral trade, investments and strengthen its balance of payments. Senator Saleem Mandviwalla reminded former president Asif Ali Zardari initiated currency swap agreements with China and Turkey and during the previous regime of PPP, Pakistan had signed these agreements with both countries.
Currency swap agreements with China and Turkey are not benefiting the investors, traders and businessmen of both countries because these are not being implemented in true letter and spirit. Senator Saleem Mandviwalla lamented the federal government and said that traders of both countries are facing huge difficulties in using currency swap agreements; government is not removing the hurdles being faced by the traders.
Senator Mandviwalla explained that these currency swaps can be viewed as a credit line that both sides can draw upon at a pre-determined exchange rate and provide an opportunity to traders to trade and invest in each other countries. Senator Saleem Mandviwalla while underlining the importance of China-Pakistan Economic Corridor (CPEC) project explained that CPEC would provide a window for the implementation of Currency Swap Agreements. Business community of both countries can use these agreements to invest in each other countries.
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